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# BlockFi submits application for physically-backed Bitcoin ETF
- URL: https://btcpeers.com/blockfi-submits-application-for-physically-backed-bitcoin-etf-2/
- Published: 2021-11-09T19:18:47.000Z
- Updated: 2023-09-24T15:37:35.000Z
- Author: John Williams
- Tags: News, #saudu, #Import 2025-12-27 14:07

Cryptocurrency lending firm BlockFi has filed an application with the United States Securities and Exchange Commission (SEC) to pilot a physically-backed Bitcoin ETF.

The Form S-1 filing was submitted to the SEC on Monday. According to official documents, the purpose of the exchange-traded fund is to reflect the key performance of Bitcoin as opposed to any futures or derivatives standard.

> Trust will not purchase or sell bitcoin directly, although the Trust may direct the Custodian to sell bitcoin to pay certain expenses.

News of the ETF listing made rounds on [crypto](https://btcpeers.com/what-is-the-best-cryptocurrency-to-invest-in/) Twitter amid speculation that the SEC may be close to approving its first physical Bitcoin ETF as early as this week.

> BlockFi has filed with the SEC to launch a spot #Bitcoin ETF pic.twitter.com/2F1s0D1N3W
> 
> — Dylan LeClair 🟠 (@DylanLeClair\_) November 8, 2021

SEC’s decision on the much-anticipated VanEck spot Bitcoin ETF is due this coming Sunday. Bloomberg’s James Seyffart explained that *“it \[would\] be either approval or denial from SEC,”* which means *“no more delays.”*

> Here's the current list of #Bitcoin and Crypto ETF filings with the SEC. Next big date is still 11/14/21 for VanEck's spot Bitcoin ETF. It will be either approval or denial from SEC -- no more delays. https://t.co/Z8phpVlsOK pic.twitter.com/g9ayoibmQN
> 
> — James Seyffart (@JSeyff) November 8, 2021

Meanwhile, the U.S. financial watchdog approved ProShares’ Bitcoin Strategy ETF last month, the country’s first BTC exchange-traded fund.

SEC also approved another futures-based product in the form of Valkyrie’s Bitcoin Strategy ETF shortly after approving the ProShares fund.