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CBOE Seeks Approval for Bitcoin ETF as Price Rises

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 CBOE’s filing late Monday U.S. time said investing in Bitcoin via an exchange-traded product would offer advantages to retail investors, including access to better custody. Storing bitcoin safely is a common problem for investors.

Canada’s Purpose Bitcoin ETF last month became the world’s first exchange-traded 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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