BlockFi, a cryptocurrency lending company, has submitted documents to the US Securities and Exchange Commission (SEC) to launch a physically-backed Bitcoin exchange-traded fund, opening an important week for the crypto market

The S-1 form of the BlockFi NB Bitcoin ETF was submitted to the U.S. Securities and Exchange Commission on November 8. according to To the official document. The document pointed out that BlockFi will act as the custodian, and the investment objective of ETFs is to reflect the basic performance of Bitcoin, not any futures or derivatives benchmarks.

The document further states that “the trust will not directly buy or sell bitcoins, although the trust may instruct the custodian to sell bitcoins to pay certain fees.”

ETF listing news spread On cryptocurrency Twitter, there is speculation that the US Securities and Exchange Commission may approach its first physical Bitcoin ETF approval as early as this week.

BlockFi has submitted an application to the SEC to launch spot #Bitcoin ETF pic.twitter.com/2F1s0D1N3W

— Dylan LeClair (@DylanLeClair_) November 8, 2021

Just like Bloomberg’s James Seyffart famous, The U.S. Securities and Exchange Commission’s decision on the highly anticipated VanEck spot Bitcoin ETF will expire on November 14. “This will be the approval or rejection of the US Securities and Exchange Commission,” he said, which means “no more delays.”

This is the current list #Bitcoin And the encrypted ETF file submitted to the US Securities and Exchange Commission. The next important date for VanEck’s spot Bitcoin ETF is still 11/14/21. This will be the approval or rejection of the SEC—no more delay. https://t.co/Z8phpVlsOK pic.twitter.com/g9ayoibmQN

— James Syfart (@JSeyff) November 8, 2021

related: Why now? The U.S. Securities and Exchange Commission spent eight years authorizing Bitcoin ETFs in the U.S.

Last month, the U.S. securities regulator approved The first domestic Bitcoin ETF, Although there is a warning-the fund’s price is linked to BTC futures, not spot prices.Soon after approving the ProShares Bitcoin Strategy ETF, the US Securities and Exchange Commission approved it Valkyrie’s Bitcoin Strategy ETF, This is another futures-based product.

Although futures-based ETFs are not what Bitcoin purists are looking for, they have proven to be very popular among investors.As reported by Cointelegraph, ProShares’ ETF makes its debut The highest first-day natural trading volume ever More than 1 billion U.S. dollars. By the end of October, institutional managers had purchased bitcoin products worth more than $2 billion this month, mainly due to the approval of the ETF.