SEC Rejects Grayscale Attempt to Turn Bitcoin Fund Into ETF
— Large bitcoin fund, Setback, Trust, Cryptocurrency industry, Exchange, Bitcoin trust, Securities, Etf, Traded fund, Sec — 1 min read
Securities and Exchange Commission rejected Grayscale Investments LLC’s bid to transform its large bitcoin fund into an exchange-traded fund, dealing a fresh setback to the cryptocurrency industry. The SEC rejected the request to turn its Bitcoin Trust, known as GBTC, into an ETF. The Bitcoin Trust is known as the GBTC and is a large part of the Bitcoin Bitcoin Fund, which is based in New York City, New York, New Jersey and Washington, D.C. The GBTC is the largest Bitcoin Trust in the world, trading at $1.2 billion. The GBtc Trust is a multi-billion dollar fund that has been used in more than 1,000 transactions since 2008. The fund is based on Bitcoin Source