NYSE Preps For Tidal As Trust Files Statement With SEC For New Spot Bitcoin ETF
Portfolio Pulse from Murtuza Merchant
Tidal Commodities Trust I has filed with the SEC for a new spot Bitcoin ETF under the series 7RCC Spot Bitcoin and Carbon Credit Futures ETF. The fund aims to reflect the price of Bitcoin and Carbon Credit Futures in an 80:20 ratio and plans to list on the NYSE with the symbol 'BTCK'. Other firms like VanEck, Bitwise, Fidelity, and Valkyrie have also proposed similar ETFs, while Grayscale is lobbying to convert its Bitcoin Trust into an ETF.
December 19, 2023 | 1:35 pm
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NEUTRAL IMPACT
Grayscale Investments, which operates the Bitcoin Trust (GBTC), is actively lobbying to convert its trust into an ETF, which could be impacted by the SEC's decision on the new spot Bitcoin ETF filed by Tidal Commodities Trust I.
The filing of a new spot Bitcoin ETF by Tidal Commodities Trust I could influence the SEC's stance on the conversion of Grayscale's GBTC into an ETF. However, the outcome is uncertain, hence a neutral score.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70