The digital asset management company, Crescent Crypto, announced in a May 10 press release that it has partnered with the United States Commodity Funds LLC (USCF) to file a registration statement for a cryptocurrency exchange traded-product.
The new filing which was submitted to the United States Securities and Exchanges Commission (SEC) a day earlier, proposes a new exchange-traded product as to be labelled as USCF Crescent Crypto Index Fund.
With the ticker XBET, the proposed fund will trade on the New York Stock Exchange (NYSE) Arca if it gets approved by the regulators.
A section of the filing as displayed on the SEC website reads,
“Shares of XBET are expected to trade on the NYSE Arca under the ticker symbol ‘XBET’ and will be bought and sold throughout the trading day at the bid and ask prices like other publicly traded securities.”
In the release, Crescent Crypto also said that the “fund would offer investors an index solution to obtain cryptocurrency exposure through a public vehicle”.
However, just as Coinfomania has reported in the past, the U.S SEC is yet to approve any exchange-traded fund tracking cryptocurrencies with past attempts to do so only meeting rejections.
Interestingly though, Crescent Crypto’s latest application will join the list of cryptocurrency-related ETF proposals currently under the SEC’s review. The other two applicants namely, Bitwise Asset Management and VanEck Investments are seeking approval for a Bitcoin ETF and not a combination of cryptocurrencies like Crescent Crypto.