Global X EFT's, a leading provider of exchange-traded funds, has teamed up with CoinDesk to apply for a new Bitcoin EFT.
The Global X Bitcoin Trend Strategy ETF will track BTC futures contracts and the CoinDesk BTC Trend Indicator Index based on a proprietary signal that measures the strength and direction of BTC's price movements.
Bloomberg ETF analyst James Seyffart said in his statement that this application will be accepted as it is not a spot BTC ETF application:
“This index is not spot and will be approved because it goes through the same process as those already approved. It's really not even debatable at this point. The only possible way it will not be de facto approved is for the SEC to force all previously approved BTC futures ETFs to delist.”
The Global X Bitcoin Trend Strategy ETF is expected to be released in October 2024, subject to regulatory approval.
*Not investment advice.