Crypto Winter Is Coming After SEC Rejects Key Bitcoin ETF
— Hopes, Trust, Traded fund, Crypto ’, Convert, Sec, Securities, Etf, Key, Rejects — 1 min read
The Securities and Exchange Commission has rejected Grayscale Investments’ application to convert its $13 billion spot Bitcoin trust into an exchange-traded fund. The move is crushing one of crypto’s greatest hopes for wider digital asset ownership. The SEC has rejected the application for the Bitcoin trust to be traded into a new exchange-trade fund, crushing the hopes of wider ownership of digital assets. It is the latest in a series of unsuccessful attempts to convert the trust to a new investment fund, which has been rejected by the SEC. The trust has been valued at $13bn, the equivalent equivalent of a single dollar, in excess of $1.5bn of Bitcoin, according to the U.S. market value in total. Source