BlockFi, a crypto financial services firm, has partnered with investment manager Neuberger Berman to create a company for crypto products, including exchange-traded funds (ETFs).
“BlockFi | nb is expected to launch crypto-asset management products, including ETFs and other traditional financial structures, which will offer investors convenient and cost-effective access to crypto-asset performance in their brokerage accounts,” the two companies said on Monday ( 25).
BlockFi | nb is located in New Jersey, United States, confirmed a spokesman for BlockFi, noting that a “small” group of people is working for the company and that it “receives support and services from its parent entities”.
Big news…
We’ve teamed up with @neubergerberman to launch a new partnership: BlockFi | nb.
BlockFi | nb is launching crypto asset management products which combine our crypto expertise with NB’s institutional rigor to help retail and institutional investors around the world. pic.twitter.com/k5KiY4CsOY
– BlockFi (@BlockFi) October 25, 2021
Expansion plans are on the horizon, the spokesman said, without sharing more details about how many and what types of new positions would be available.
The new legal entity is being launched as crypto ETFs continue to gain in popularity.
BlockFi is just one of the broadcasters hoping to list their own ETF in the US, following the release of “Bitcoin Strategy ETF” ($BITO) da ProShares, which took place on October 19th.
This fund, the first product based on crypto futures contracts in the United States, obtained almost $1 billion in volume on your first day of listing.
Soon after, on Friday (22), the manager Valkyrie launched its bitcoin futures ETF, which reached nearly $80 million in volume at its launch.
BlockFi submitted an N-1A form to the US Securities and Exchange Commission (SEC) on October 8 to offer the “BlockFi Bitcoin Strategy ETF”, an actively managed fund that would invest in its most in bitcoin futures contracts registered with the Commodity Futures Trading Commission (CFTC), with no direct exposure to cryptocurrency.
The fund may be approved 75 days after the date of shipment, provided the regulator makes no decision to block the product before that period.
“Digital assets are increasingly taking their place in conventional investments, and we intend that BlockFi | nb play a key role in this industry,” said Peter Sterling, managing director of Neuberger Berman, in a press release.
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