Crypto investment firm Arca is moving ahead with plans to create a bitcoin trust, according to a Thursday filing published by the U.S. Securities and Exchange Commission (SEC).
Arca’s trust would join similar products from BlockFi and Osprey Funds, which each advanced plans for bitcoin trust products this year. Bitwise has also filed to launch a bitcoin trust in 2021. The products allow investors to get exposure to bitcoin without buying the cryptocurrency outright.
All of these products must compete with Grayscale’s Bitcoin Trust (GBTC), which has been trading since 2013 and is a dominant force in the market.
The California-based Arca has already raised $100,000 for the trust, which will only accept outside investments of $25,000 and greater.
