The Securities and Exchange’s (SEC[1]) relationship with spot Bitcoin ETF[2] applicants continues to take interesting turns with this new development. But, the result remains constant: indefinite delay. An ETF is an investment vehicle that tracks the performance of a particular asset or group of assets. ETFs allow investors to efficiently diversify their portfolios without directly owning the assets.
Now a spot ETH, unlike the futures counterpart, would incorporate actually owning a cryptocurrency.
Different inputs, same output
The U.S SEC has extended[3] until 1 July the deadline to decide whether to approve Bitwise Bitcoin ETP Trust[4]’s listing on Nasdaq. Wu Blockchain[5], a famed news outlet had highlighted[6] the said development in a tweet on 24 April. Perhaps, the SEC has denied or extended all Bitcoin spot ETF applications. The ruling cited[7]:
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change. So that it has sufficient time to consider the proposed rule change and the issues raised in the comments that have been submitted in connection therewith.”
Unfortunately, it wasn’t the first time, the applicant faced a delay. Earlier in February of this year, Bitwise Asset Management fund faced[8] the same situation.
Aren’t you tired?
Indeed not. Renowned asset manager, Grayscale[9] made a new appeal to the SEC to upgrade its Grayscale Bitcoin Trust into an exchange-traded fund (ETF).
