AdvisorShares Files for a Bitcoin Futures Exchange-Traded Fund

AdvisorShares, a financial services company that provides a variety of themed exchange traded funds, has filed an application with the Securities and Exchange Commission (SEC) for a bitcoin futures ETF (ETF).

• According to the filing, the AdvisorShares Managed Bitcoin ETF would invest “all or substantially all of its assets in bitcoin exchange-traded futures contracts” and collateral.

• According to the filing, the Bethesda, Maryland-based investment management company would not invest directly in bitcoin.

• Morgan Creek Capital will act as the Fund's sub-adviser, guiding the Fund's investment strategy using its research and other resources.

• SEC head Gary Gensler said earlier this month that bitcoin ETFs that exclusively trade bitcoin futures contracts would be more favorable.

• According to Bloomberg analyst Eric Balchunas on Friday, investment companies VanEck and ProShares both withdrew their applications with the SEC for approval of ether futures ETFs only two days after submitting them.

• The SEC has yet to approve any of the more than a dozen bitcoin ETF applications presently pending.

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