Morgan Creek Capital will function as a sub-adviser for the AdvisorShares Managed Bitcoin ETF.
AdvisorShares, an investment management firm that offers a range of themed ETFs, has submitted an application to the Securities and Exchange Commission (SEC) for a bitcoin futures exchange-traded fund (ETF).
- The AdvisorShares Managed Bitcoin ETF will make investments “all or substantially all of its belongings in exchange-traded futures contracts on bitcoin” and collateral, in line with the submitting.
- The Bethesda, Md.-based funding administration agency mentioned within the submitting that it will not make investments instantly in bitcoin.
- Morgan Creek Capital will serve as the Fund’s sub-adviser, utilizing its analysis and different sources to assist guide the Fund’s investment strategies.
- In remarks earlier this month, SEC chair Gary Gensler instructed he would look more favorably upon bitcoin ETFs that only trade bitcoin futures contracts.
- Investment companies VanEck and ProShares both withdrew their applications with the SEC for approval of ether futures ETFs, simply two days after submitting them, in line with Bloomberg analyst Eric Balchunas on Friday.
- There are over a dozen Bitcoin ETF applications currently earlier than the SEC, which has yet to approve one.