New USCF Crescent Crypto Index Fund “XBET” Cryptocurrency ETF Was Filed With The US SEC

A new Bitcoin (BTC) exchange-traded fund (ETF) proposal has been presented to the U.S. Securities and Exchange Commission (SEC). This ETF was created by Crescent Crypto Index Services LLC. The intention is to track the performance of a market capitalization portfolio of Bitcoin and Ether (ETH).

New Bitcoin And Ethereum ETF Proposal

The exchange-traded fund will include a portfolio of Bitcoin and Ethereum and it is expected to be traded on the New York Stock Exchange (NYSE) with the ticker “XBET.” Investors will be trading order through their brokers.

The filing reads as follows:

“Shares of XBET are expected to trade on the NYSE Arca under the ticker symbol “XBET” and will be bought and sold throughout the trading day at bid and ask prices like other publicly traded securities.”

At the moment, the U.S. SEC has never approved any crypto or Bitcoin ETF. This year, there are several proposals that must be studied by the regulatory agency before taking a decision on whether it will give approval or not. Although there is not a certain date for this to happen, regulators said that at some point, an ETF will satisfy all the necessary requirements for it to be approved.

Moreover, this is also not the first ETF that is related to Ether. In 2017, the SEC analyzed the possibility to approve a product from EtherIndex Ether Trust that was going to be listed on the NYSE Arca.

Bitcoin and Ether are the two largest cryptocurrencies. Bitcoin has a market cap of $111 billion while Ethereum has a market cap of $18.3 billion.