Cryptocurrencies

ETF Issuers Find Creative Workarounds to SEC’s Crypto Stance

SPBC would invest up to 15% of assets in cryptocurrencies
ETF structure would shield from capital gains taxes: BI

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By Katie Greifeld

March 10, 2021 at 2:21 PM UTC

This article is for subscribers only.

U.S. exchange-traded fund issuers are getting increasingly creative as the Securities and Exchange Commission continues to demur on approving a pure cryptocurrency fund.

While the bulk of its holding will be in U.S. stocks, the Simplify U.S. Equity PLUS Bitcoin ETF (ticker SPBC) will invest up to 15% of its assets in cryptocurrencies, either “indirectly and solely” through the $34 billion Grayscale Bitcoin Trust (ticker GBTC), according to a Tuesday filing.