Large hedge fund Skybridge Capital, bitcoin ETF application

On the 19th, it was revealed that an application for a cryptocurrency Bitcoin ETF (listed index fund) was submitted to the SEC again in the United States. Coinpost reported this on the 20th.

The application was processed by SkyBridge Capital, a large hedge fund, and First Advisor, an investment advisory company, formed a partnership as an ETF advisor. This ETF (First Trust Skybridge Bitcoin ETF Trust) is listed on the New York Stock Exchange NYSE’s Arca. In the future, Arca will need to formally submit the application documents to the SEC.

SkyBridge is an investment company led by renowned investor Anthony Skaramuch, and started operating the “SkyBridge Bitcoin Fund LP”, a fund investing in Bitcoin (BTC) from November last year. It has already reached $500 million (data from February) within half a year from its establishment.

Skaramuchi was previously enrolled in Goldman Sachs, a large financial institution, and in 2017, he is also known as a person with a short-term experience as the head of the Trump administration’s public relations department.

In the United States, the SEC has never approved an ETF application so far. If this application is approved, the first ETF in the United States will be born.

Recently, several U.S. investment companies such as NYDIG, VanEck, and WisdomTree are starting to apply for Bitcoin ETF. None of them came to the SEC’s judgment, but VanEck’s application was accepted the other day, and the initial judgment by the SEC is expected at the end of April.

Meanwhile, following the Canadian approval case, the first Bitcoin ETF in Brazil was approved by the authorities. In the U.S., U.S. cryptocurrency-related investment companies, which are rushing to apply considering various positive factors such as improving the market environment, strengthening infrastructure, and new personnel from the SEC, are currently in a rush to apply for Bitcoin ETFs.

(On the 19th, the Japanese language courtesy of Japan.)

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.