This latest development sees the relationship between the US Securities and Exchange Commission and spot BTC exchange-traded fund continues to take attention-grabbing turns. However, the outcome stays constant – indefinite delay.
An exchange-traded fund (ETF) is a saving vehicle that monitors the performance of assets or an asset. User can diversify their portfolios efficiently without owning digital assets using ETFs. On the other side, a spot ETF would involve owning crypto.
Different Inputs, Similar Output
The United SEC extended the deadline to decide on approving Bitwise BTC ETP Trust NASDAQ listing until July 1. A renowned news outlet Wu Blockchain revealed the news via a tweet on April 24. Perhaps, the Securities Exchange Commission denied or extended all BTC spot exchange-traded funds proposals.
The ruling stated that SEC decided to take more time before issuing an order to disapprove or approve proposed rule changes. It added that such a move would give the Commission enough period to analyze the issues related to the action.
However, this isn’t the first time the proposal encountered a delay. Bitwise Management dealt with a similar case in February this year.
Not Getting Tired?
Meanwhile, Grayscale firm made a new push for the Commission to upgrade the Grayscale BTC Trust into an ETF. The asset management company stays determined ahead new July deadline regardless of similar results in the past. Remember, physical-backed Bitcoin ETF sees surging demand. Investors across the 50 states held GBTC, with the United States accounting for nearly 800,000. The company reveals the stats as
- Assets Under Management: $25.3 billion
- Trailing twelve months: – 28.26%
- Since Inception: 26,014.29%
However, Ycharts show the metric saw a massive drop lately. Grayscale’s BTC trust has traded with enormous discounts over the recent months due to uncertainty and speculations within the marketplace. While publishing this content, the GBTC fund hovered at a 23.29% discount.
An approval may cease the mentioned discounted price or share. Nevertheless, things don’t appear promising for the application regardless of the July 1 deadline. Moreover, the Securities regulator has disapproved spot BTC ETFs by most issuers over the recent months, including Valkyrie, SkyBridge, and Fidelity. All of which aim to ensure easy digital currency exposure.