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.
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
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.