ビットコインETF
The SEC Green Light?
The SEC is reviewing an application from the Chicago Board Options Exchange (CBOE) to list a Bitcoin ETF.
The proposed ETF includes:
-SolidX as the sponsor.
-Bank of New York Mellon as administrator, transfer agent, and custodian of cash.
-The issuer will be the Van Eck Solidx Bitcoin Trust.
You can see the filing here:
https://www.sec.gov/rules/sro/cboebzx/2018/34-83520.pdf
Wall Street Insider
There have been efforts to secure SEC approval for a Bitcoin ETF in the past.
Though this is the first time that a global financial institution such as the CBOE has sought to do so.
Insurance
Tucked away on page 20 of the filing is disclosure that the Trust “…will maintain comprehensive insurance coverage underwritten by various insurance carriers.”
The insurance will cover loss of bitcoin by, among other things, theft, destruction, bitcoin in transit, computer fraud and other loss of private keys that are necessary to access the bitcoin held by the Trust.
The Trust’s insurance carriers will have inspection rights associated with the bitcoin held in custody by the Trust.
Implication
An SEC-approved Bitcoin ETF with regulated custody and comprehensive insurance is a very, very big deal.
This paves the way for retail and institutional capital allocation to Bitcoin – we will watch this filing with great interest.