NYDIG Seeks NYSE Listing for Bitcoin ETF

NYDIG, a Stone Ridge subsidiary, has filed a proposal with the Securities and Exchanges Commission (SEC) to list a Bitcoin exchange-traded fund (ETF) on the New York Stock Exchange (NYSE), the world's largest stock market with around $23 trillion in listed assets.

The proposed ETF, NYDIG Bitcoin ETF, aims to track the price of Bitcoin, minus the expenses of the fund's operations. It will hold Bitcoin as its main asset and value its holdings daily using Generally Accepted Accounting Principles (GAAP).

The Trust's investment objective is to reflect the performance of the price of Bitcoin, and it will not seek to mirror any benchmark or index. The NYDIG Bitcoin ETF will be listed on NYSE Arca, Inc., under a ticker symbol to be announced prior to trading.

The SEC will need to approve the listing, and the decision will likely fall to the new SEC chair, Gary Gensler, and effectively, the Biden administration.

This move could be a significant step towards mainstream acceptance of Bitcoin and digital assets, as the world's first digital asset inches towards listing on the world's biggest stock exchange.