The U.S. Securities and Exchange Commission rejected more spot bitcoin exchange-traded fund applications. It’s worth unpacking the agency’s reasoning, even as new applications are filed. Source
Unpacking the Latest Bitcoin ETF Rejections
Tag: ETF
World’s largest bitcoin fund sues SEC over crypto ETF rejection
Digital currency asset manager Grayscale is suing the U.S. Securities and Exchange Commission in response to its latest rejection of the company’s prospective spot bitcoin exchange-traded fund. Last Wednesday, the SEC denied Grayscale’s application to convert its bitcoin trust to a spot ETF. The company filed a lawsuit the same day. Grayscale Bitcoin Trust, under the ticker GBTC, is the world’s biggest publicly traded bitcoin fund. “We were simply asking the SEC to hold this product to a higher standard, to give it greater investor protection and give greater risk…
WSJ editorial slams SEC’s ‘bewildering’ Bitcoin ETF denials
The Wall Street Journal Editorial Board has come out swinging against Gary Gensler’s “legendary” resistance to approving a spot Bitcoin (BTC) exchange-traded fund (ETF). The hard-hitting opinion piece, published on Wednesday, called out the Gensler-led Securities and Exchange Commission (SEC) for overt inconsistencies in how the commission handles applications for Bitcoin-related exchange-traded products (ETPs) compared to more traditional assets and other commodities. So far, Gensler’s SEC has rejected every proposal for a spot Bitcoin ETP, including two in the last week from Grayscale and Bitwise, which resulted in Grayscale launching legal…
WSJ editorial slams SEC’s ‘bewildering’ Bitcoin ETF denials
The Wall Street Journal Editorial Board has come out swinging against Gary Gensler’s “legendary” resistance to approving a spot Bitcoin exchange-traded fund (ETF). The hard-hitting opinion piece, published on Wednesday, July 6 called out the Gensler-led Securities and Exchange Commission (SEC) for overt inconsistencies in how the commission handles applications for Bitcoin-related exchange-traded products (ETPs) compared to more traditional assets and other commodities. So far, Gensler’s SEC has rejected every proposal for a spot Bitcoin ETP, including two in the last week from Grayscale and Bitwise, which resulted in Grayscale…
World’s first short Bitcoin ETF sees exposure explode 300% in days
Bitcoin (BTC) remains a popular institutional investment target in July, but the money is not betting on a bright future. According to data from research firm Arcane Research published July 6, institutional flows focused on products offering exposure to shorting BTC in the first week of the month. Shorting Bitcoin is the name of the game Since launching in the United States in late June, the ProShares Short Bitcoin Strategy ETF (BITI), the first exchange-traded fund (ETF) to be “short” BTC, has proved a hit. That trend has only accelerated…
Bitcoin sube por encima de $20K mientras ETF inverso registra ingresos récord de $51M
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Bitcoin Recovers Above $20K as Short ETF Sees Record $51M in Weekly Inflows
A ProShares product to bet against rising bitcoin prices saw millions of dollars in inflows last week. Original
Grayscale ‘GBTC Discount’ Widens After SEC Bitcoin ETF Rejection
The widening in the discount is seen as a sign of waning optimism for a conversion anytime soon – the opposite of what was happening last week, when some investors were buying GBTC, betting on the fund’s chances, said Pablo Jodar, financial products manager at Storm Partners, a tech supplier for the crypto industry in Europe. Original
VanEck refiles with SEC for spot Bitcoin ETF
VanEck, one of the first firms in the world to ever file for a Bitcoin (BTC) exchange-traded fund (ETF), is not giving up on its plans to launch a spot Bitcoin ETF in the United States. The firm has refiled an application for a physically-backed Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Filed on June 24, VanEck’s latest Bitcoin ETF application comes months after the SEC rejected its previous spot Bitcoin ETF request on Nov. 12, 2021. The securities regulator based its decision on the ETF on…
VanEck Files New Application for Spot Bitcoin ETF
“Spot commodities and currency markets for which it has previously approved spot ETPs are generally unregulated and that the Commission relied on underlying futures market as the regulated market of significant size that formed the basis for approving the series of Currency and Commodity-Based Trust Shares, including gold, silver, platinum, palladium, copper, and other commodities and currencies,” VanEck noted in its filing. Original