CBOE Seeks Approval for Bitcoin ETF as Price Rises

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March 2 Reuters CBOE global markets is seeking approval from the U.S. Securities and Exchange Commission SEC to list a bitcoin Exchange Traded Fund ETF, according to a filing, the latest attempt to launch such a product in the United States.

The filing came as Citi analysts said the most popular cryptocurrency was at a tipping point and could become the preferred currency for international trades, while Reuters reported that Goldman Sachs Group Inc had restarted its cryptocurrency trading desk.

Bitcoin rose as much as 10 on Monday, amid a broader rise in risk assets.

While its price has risen significantly over the past year, bitcoin remains highly volatile. The virtual currency smashed through 58,000 on Feb. 21 then fell back by as much as 25.

In Asian trading Tuesday morning it struggled to find a clear direction, hovering around 49,700

The SEC has previously rejected several attempts to list Bitcoin ETFs.

The CBOEs filing late Monday U.S. time said investing in Bitcoin via an exchangetraded product would offer advantages to retail investors, including access to better custody. Storing bitcoin safely is a common problem for investors.

Canadas Purpose Bitcoin ETF last month became the worlds first exchangetraded fund physically settled in the cryptocurrency, with asset managers in the country rushing to launch their own bitcoin ETFs.

Reporting by Alun John; editing by Richard Pullin

Source Reuters

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