Crescent Crypto Asset Management LLC, in partnership with United States Commodity Funds LLC or USCF, filed for a cryptocurrency exchange traded fund or ETF with the U. S. Securities and Exchange Commission.
As per the filing, the USCF Crescent Crypto Index Fund intends to issue shares that trade on the NYSE Arca stock exchange under the ticker "XBET". It will include a portfolio of both bitcoin and ether cryptocurrencies.
XBET will track the daily changes in percentage terms of the Crescent Crypto Core II Index, which tracks the performance of a market cap weighted basket of Bitcoin and Ether, the largest and most liquid cryptocurrencies.
Crescent will act as a co-portfolio manager for the fund providing strategic advisory on cryptocurrency operations, trading and custody.
To track the Crescent Crypto Core II Index, XBET's sponsor, USCF will invest XBET's assets in Portfolio Cryptocurrencies. XBET pays USCF a management fee and incurs operating costs.
"XBET is an exchange traded fund. This means that most investors who decide to buy or sell shares of XBET place their trade orders through their brokers and may incur customary brokerage commissions and charges," the companies said in the filing.
The SEC has received bitcoin ETF applications from many companies, but the regulator has been rejecting them over concerns about fraud and manipulation of bitcoin markets.
Earlier, internet entrepreneur twins Cameron and Tyler Winklevoss, the founders of digital asset platform Gemini, backed their strong support for major cryptocurrency Bitcoin and said they are committed as ever to make a bitcoin ETF a reality.
The SEC recently delayed taking a decision on bitcoin ETF applications by VanEck SolidX Bitcoin Trust/CBOE as well as Bitwise Bitcoin ETF Trust/NYSE Arca.
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