SEC Rejects Kryptoin Spot Bitcoin ETF Proposal
The decision comes about five weeks after the agency rejected VanEck’s application for a spot bitcoin ETF.
Updated May 11, 2023 at 4:42 p.m. UTC
The U.S. Securities and Exchange Commission (SEC) rejected investment firm Kryptoin’s proposal for a spot bitcoin exchange-traded fund (ETF) in a letter on Wednesday.
- The decision comes roughly five weeks after the agency had rejected VanEck’s application for a spot bitcoin ETF.
- It was also not unexpected because SEC Chair Gary Gensler has stated his preference for a bitcoin futures ETF over an ETF that holds bitcoin itself.
- Two bitcoin futures ETFs, the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF), began trading in October.
- The SEC began officially evaluating the Kryptoin application in April.
- Bitcoin’s price was down slightly in Wednesday afternoon trading.
Read more: SEC Delays Decision on 4 Bitcoin ETFs