Cryptocurrency
Former World Gold Council Exec Develops New Bitcoin ETF
As reported by CoinDesk, “The former managing director of the World Gold Council and the portfolio manager behind SPDR Gold Shares is developing a bitcoin exchange-traded fund (ETF) with boutique asset manager Kryptoin Investment Advisors. “The Cayman Islands-based firm has filed an initial registration statement with the U.S. Securities and Exchange Commission (SEC). “The fund, in […]
As reported by CoinDesk, “The former managing director of the World Gold Council and the portfolio manager behind SPDR Gold Shares is developing a bitcoin exchange-traded fund (ETF) with boutique asset manager Kryptoin Investment Advisors.
“The Cayman Islands-based firm has filed an initial registration statement with the U.S. Securities and Exchange Commission (SEC).
“The fund, in development for two years, would track the CME CF Bitcoin Reference Rate to reflect bitcoin’s actual market price. While declining to disclose the fund’s management fees, the filing said it will process creations and redemptions, and accrue its management fee solely in bitcoin.
“In an exclusive interview with CoinDesk, Kryptoin’s head of exchange-traded products Jason Toussaint said:
“’The benefits and challenges, when it comes to bitcoin as an asset class, are similar to what they were when the Gold Council brought SPDR Gold Shares to the market. There was also a lot of learning the SEC had to go through to fully understand and gain a level of comfort with the underlined gold market.’
“The industry veteran now heads the product development in the young firm. Previously, Toussaint managed SPDR Gold Shares (GLD), one of the largest gold ETFs in the world, while serving as the CEO of the World Gold Trust Services, a wholly-owned subsidiary of the World Gold Council. That product is now marketed by State Street Global Advisors.”
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