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SEC delays its decision on Bitwise and Grayscale Bitcoin Trust

17 Dec 2021 : 10:24
2 min read
  • SEC delays decision on Bitwise Bitcoin ETP Trust to Feb. 1, 2022
  • SEC delays decision on Grayscale Bitcoin Trust to Feb. 6, 2022
  • Coinbase wrote to the SEC asking the agency to approve NYSE Arca's application to convert Grayscale Bitcoin Trust into an ETF

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 The company previously applied to register a Bitcoin exchange-traded fund (ETF) with SEC in January 2019, later withdrawn due to Commission concerns.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.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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