{"id":113078,"date":"2021-02-16T17:55:07","date_gmt":"2021-02-16T17:55:07","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113078"},"modified":"2021-02-16T17:55:07","modified_gmt":"2021-02-16T17:55:07","slug":"nydig-files-for-us-based-bitcoin-etf-with-morgan-stanley-on-board","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/nydig-files-for-us-based-bitcoin-etf-with-morgan-stanley-on-board\/","title":{"rendered":"NYDIG files for US-based Bitcoin ETF, with Morgan Stanley on board"},"content":{"rendered":"

New York Digital Investment Group, or NYDIG, has submitted paperwork with the United States Securities and Exchange Commission to launch a new Bitcoin exchange-traded fund.\u00a0<\/p>\n

NYDIG filed a Form S-1 registration statement for a Bitcoin ETF with the SEC on Tuesday.\u00a0The submission lists NYDIG Trust Company LLC as the fund\u2019s Bitcoin custodian and Morgan Stanley as an authorized participant. <\/p>\n

As an authorized participant, Morgan Stanley is expected to sell shares to the public at prices that reflect the fund\u2019s assets, supply and demand, and underlying market conditions. The shares will trade on the NYSE Arca exchange under a yet-to-be-determined ticker symbol. <\/p>\n

According to the prospectus summary:<\/p>\n

\u201cThe Trust\u2019s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust\u2019s operations. The Trust will not seek to reflect the performance of any benchmark or index.\u201d<\/p><\/blockquote>\n

It continues:<\/p>\n

\u201cIn seeking to achieve its investment objective, the Trust will hold bitcoin.\u201d<\/p><\/blockquote>\n

NYDIG has been highly active in the crypto space, as it seeks to provide more institutional exposure to digital assets like Bitcoin. In Nov and Dec 2020, the company raised $150 million through two separate cryptocurrency investment funds. NYDIG was granted a BitLicense by the New York State Department of Financial Services in 2018.<\/p>\n

Stone Ridge, NYDIG\u2019s parent company, is one of the largest institutional holders of Bitcoin. <\/p>\n

The quest for a Bitcoin ETF has been elusive, at least in the United States, where several fund issuers have tried unsuccessfully to get regulatory approval. <\/p>\n

Canada recently approved the first publicly-traded Bitcoin ETF in North America, allowing institutional investors to access BTC investments directly without derivatives. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New York Digital Investment Group, or NYDIG,<\/p>\n","protected":false},"author":3,"featured_media":113077,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nNYDIG files for US-based Bitcoin ETF, with Morgan Stanley on board - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/nydig-files-for-us-based-bitcoin-etf-with-morgan-stanley-on-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYDIG files for US-based Bitcoin ETF, with Morgan Stanley on board - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"New York Digital Investment Group, or NYDIG,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/nydig-files-for-us-based-bitcoin-etf-with-morgan-stanley-on-board\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-16T17:55:07+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/ccryptafoto1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMWEyZTAxZmUtMmQwMy00ZWE5LTkyZGItZGE0ODU0ZTI3NDc0LmpwZWc.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/nydig-files-for-us-based-bitcoin-etf-with-morgan-stanley-on-board\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/nydig-files-for-us-based-bitcoin-etf-with-morgan-stanley-on-board\/\",\"name\":\"NYDIG files for US-based Bitcoin ETF, with Morgan Stanley on board - 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