BlockFi submits application for physically-backed Bitcoin ETF

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 Twitter amid speculation that the SEC may be close to approving its first physical Bitcoin ETF as early as this week.

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.”

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.