The Securities and Exchange Commission has postponed its decision on the applications of Bitwise Bitcoin ETP Trust and Grayscale Bitcoin Trust.
SEC postponed its decision on two applications
The SEC has postponed its decision on two Bitcoin trust applications from Bitwise and Grayscale. . In October, Arca proposed listing shares of Bitwise Bitcoin ETP Trust. However, according to a filing by the SEC, the decision has been postponed until February 1, 2022. In addition, the SEC has postponed its decision on NYSE Arca’s application to convert Grayscale Bitcoin Trust into an exchange-traded fund (ETF). The SEC postponed the decision until February 6, 2022.
Yesterday, Coinbase wrote to the U.S. Securities and Exchange Commission (SEC) asking the agency to approve NYSE Arca’s application to convert Grayscale Bitcoin Trust into an exchange-traded fund. The SEC will now have more time to review the application.
Bitwise & Grayscale
On October 14, Bitwise had applied with NYSE Arca BTC ETF, which holds “actual BTC,” according to Matt Hougan, Bitwise’s chief investment officer. The application details Bitwise’s intention to register 1,000 shares of its Bitwise Bitcoin ETP Trust with an offering price of up to $25. The company previously applied to register a Bitcoin exchange-traded fund (ETF) with SEC in January 2019, later withdrawn due to Commission concerns.
In October, Grayscale Investments, the world’s largest digital currency asset manager, applied to the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin Spot ETF. Grayscale’s ETF would be backed by actual units of the cryptocurrency and not just linked to it through derivative contracts like futures.