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Closer to the ETF: BNY Mellon to be a service provider for the Skybridge Bitcoin Fund

Institutional investors insist on taking steps towards the world of bitcoin (BTC) through exchange-traded investment funds (ETFs). On April 8, the US financial consortium BNY Mellon announced that it was appointed as a service provider for the First Trust SkyBridge Bitcoin ETF Trust, a fund proposed by former White House communications director Anthony Scaramucci.

In a statement, the financial institution explained that await the final approval of the ET F by the United States Securities and Exchange Commission (SEC). If the creation of this financial instrument is allowed, BNY Mellon, one of the largest banks in the US, will provide its clients with services that include ETF basket operations , take of orders, fund accounting, fund management and agency transfer services.

In this regard, BNY Mellon’s global director of fund and asset services, Alan Flanagan, stated that “the growing interest in digital assets presents a compelling opportunity to allow investors to explore cryptocurrencies. ”

On March 19, the firm SkyBridge Capital, founded by Scaramucci, joined First Trust Advisors to file with the SEC a registration document for a new ETF.

In this way, First Trust SkyBridge joins a list of firms that have filed an application with the SEC for the issuance of an ETF , among these are VanEck, which introduced the prop in January uesta and it was not until March that it was admitted by the agency. They were followed by NYDIG and Morgan Stanley, and Goldman Sachs and Fidelity, among others.

In recent statements collected by CriptoNoticias, The former White House official said he expects bitcoin value to grow in the future, although he acknowledged that if he openly said what he thinks about his price estimates for bitcoin “they are going to think I went crazy.”

The SEC could approve bitcoin ETFs “if the necessary requirements are met”

The request of Skybridge Bitcoin Fund before the United States Securities and Exchange Commission, joins that of many other firms that are waiting to be the first approved fund in the United States.

In that sense, Valerie Szczepanik, director of the FinHub (Strategic Center for Innovation and Financial Technology) of the aforementioned body, stressed that it could approve bitcoin ETFs “if the r Necessary requirements ”.

Szczepanik indicated that to give the green light to an ETF it will be key to know “How the price and confidence of the underlying market are established.” Regarding the rejected applications, he stated that “they have nothing to do with the product itself”, but “there is no reason not to move forward”.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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