BlockFi seeks SEC approval for physically backed Bitcoin ETF

BlockFi, one of the market’s leading crypto lenders, has filed to launch the BlockFi NB Bitcoin ETF with the Neuberger Berman Group. The new exchange traded fund aims to provide the market with a way to invest directly in physically backed Bitcoin (BTC-USD) inside of an ETF wrapper, according to a prospectus filed with the U.S. Securities and Exchange Commission. “In seeking to achieve its investment objective, the trust will hold bitcoin," the company wrote in its prospectus. The move comes at a time when Bitcoin (BTC-USD) is trading near record levels, with the crypto +3.57% at $67,909 as of 11:15 a.m. ET. However, the SEC has yet to authorize any physically backed Bitcoin ETFs. BlockFi is joining a list of other financial firms like Grayscale Investments that is also trying to launch the first U.S. Bitcoin-backed ETF. The BlockFi filing comes roughly a month after the SEC authorized ProShares and Valkyrie to launch the first U.S.