Rejects valkyrie kryptoin bitcoin trusts

The spot ETF Tussle Continues

CADC. "Case 22-1142 Grayscale Investments, LLC V. SEC". Sec rejects valkyrie bitcoin Grayscale Bitcoin Trust (GBTC), the world’s largest pure bitcoin investment vehicle, has narrowed its discount to 35% against US$18.3bn of bitcoin under management.

Rejects kryptoin bitcoin trusts

A decision was expected no earlier than mid-July, 45 days from the time the applications for the funds were published in the federal register, but the SEC is yet to approve a single BTC exchange-traded fund. The latest deadline for approval or disapproval of the ARK 21Shares Bitcoin ETF was January 24, 2023. Passive Funds Beat Active at Peak of COVID Crisis, Research Finds The SEC in October approved two bitcoin futures-based funds, the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF, which made their Wall Street debuts the same month. Sec rejects valkyrie kryptoin bitcoin

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The Commission emphasizes that its disapproval of this proposed rule change does not rest on an evaluation of the relative investment quality of a product holding spot bitcoin versus a product holding CME bitcoin futures, or an assessment of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment. Rather, the Commission is disapproving this proposed rule change because, as discussed below, BZX has not met its burden to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5). We've updated our Privacy and Cookies Policy Grayscale argues in their lawsuit that the SEC has already approved a bitcoin futures ETF, and a bitcoin spot ETF is very much the same as a bitcoin futures ETF. Therefore, the SEC is being inconsistent and violates the APA. But the two products, while certainly sharing similar characteristics, are actually quite different.

Sec rejects valkyrie kryptoin bitcoin

Nate Geraci, president of advisory firm the ETF Store, believes it would be “disingenuous for the SEC to encourage more filings,” and then reject them, particularly given how many years firms have tried to package crypto for retail, he told Bloomberg. About Reuters Grayscale decided to sue in June 2022, on the same day its application to convert its Grayscale Bitcoin Trust (GBTC) into a “spot” exchange-traded fund (ETF) was denied. The trust today is the world’s largest bitcoin investment vehicle, holding an estimated 3% of bitcoin’s total supply and earning Grayscale millions of dollars in management fees per year. “You don't need to be a GBTC holder past, present or future to care about this lawsuit,” Sonnenshein said.