Kryptoin Files For Bitcoin ETF Again As SEC Reviews WisdomTree Proposal

Kryptoin files for a Bitcoin ETF-again with the number of applications on the SEC desk reaching 8 while the regulator takes another look at WisdomTree’s proposal so let’s read some more in our latest crypto news.

Kryptoin is an asset manager focused on crypto investment products. Now, Kryptoin files for a Bitcoin ETF again which is the company’s second try to get approval. But in the meantime, WisdomTree’s ETF is under review by the SEC. The platform’s investment advisors helmed by Jason Toussaint, re-filed an application with the US SEC today for a Bitcoin ETF.

Here's the full list of North American bitcoin ETF filings that i'm aware of … pic.twitter.com/HxuMGuQDu7

— James Seyffart (@JSeyff) April 9, 2021

This marks the second attempt at the ETF as in 2019, Kryptoin proposed the first ETF which would be listed on the NYSA Arca but iIn today’s re-filing, there were some slight changes to Cboe’s BZX Exchange. The filing comes during an uptick of applications with an approval seemingly plausible. The SEC announced today that it also started a review of WisdomTree’s application for a Bitcoin ETF which also filed for an ETF in March. The SEC is currently reviewing the filing from VanEck.

The US regulators have yet to approve a Bitcoin ETF as there are currently eight pending applications from companies like SkyBridge Capital, VanEck, NYDIG. The Winklevoss twins were the first to attempt a Bitcoin ETF since the filing back in 2013. Canada and Brazil already have their own BTC ETF and executives are bullish on the prospect of an American one. The CEO of Morgan Cree Capital Management said that a Bitcoin ETF is going to happen soon. For now, however, the top dog in the realm of US-based investment products is the Grayscale Bitcoin Trust as it works similarly to an ETF but with a few differences.

Updated list of U.S. Bitcoin ETF Filers.

Side note: Bitwise hasn't re-filed anything since their denial/withdraw in January 2020. #Bitcoin https://t.co/6rhXeKfsrz pic.twitter.com/udTVl19jxt

— James Seyffart (@JSeyff) April 9, 2021

For one, an ETF works like a stock but Grayscale’s trust locks investors into holding the shares for a few months. This allows GBTC to trade at a discount for about 30 days which a new BTC ETF will get closer to the price of the underlying asset. Grayscale also has more plans for a proper ETF.

Earlier this week, Grayscale Investments announced plans to transform Grayscale BTC Trust into an exchange-traded fund and GBTC was one of the only funds for retail investors and institutions alike. With the growing competition, the fund’s high management fees and lock-up periods lost favor to many investors. GBTC even continued trading at a negative premium which means that the funds were trading below the BTC price.