In Brief:
- The firm said in the filing that it will not invest directly in bitcoin.
- Morgan Creek Capital will serve as the Fund’s sub-adviser.
AdvisorShares, an investment management firm, submitted a filing to the SEC for a bitcoin futures exchange-traded fund (ETF). According to the filing, the ETF will invest “all or substantially all of its assets in exchange-traded futures contracts on bitcoin” and collateral.
The firm clarified that it will not directly invest in bitcoin. Morgan Creek Capital will serve as the Fund’s sub-adviser to help guide the Fund’s investment strategies.
Earlier, the SEC Chairperson hinted that the agency would be more inclined to approve a Bitcoin futures ETF. Earlier this month, galaxy digital and valkyrie also filed for the bitcoin futures ETF.
The SEC has not yet approved a cryptocurrency ETF. It is rather choosing to deny the proposals, delay their consideration, or watch the filers withdraw in frustration.
