BREAKING: The SECNews has rejected Grayscale’s application to convert the massive Grayscale Bitcoin Trust into an ETF. mikeybellusci reports
Grayscale Investments’ application to convert its $13.5 billion Grayscale Bitcoin Trust into a spot-based bitcoin ETF was denied by the SEC on Wednesday despite the company’s extensive efforts to win approval .that the application failed to answer the SEC's questions about preventing market manipulation, as well as other concerns.on Wednesday of Bitwise’s application for approval of a spot bitcoin ETF.
Proponents of a spot bitcoin ETF approval have argued that the product would offer a low-cost and easily accessible way for individuals and institutions to invest in bitcoin. And optimism about an approval began to grow following the approval of several bitcoin futures-based ETFs last fall, and then that of two more futures ETF approvals earlier this year, the same act that spot bitcoin ETFs have been filed under.
For its part, Grayscale has argued forcefully that it is inconsistent to approve an ETF based on bitcoin futures but not allow one based on the underlying investment. Some of its efforts have included marketing to urge members of the public to voice their support to the SEC, a
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