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March 25, 2022

SEC Delays Approval or Denial of Two Bitcoin Spot ETFs

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On Monday, the SEC declined to approve or deny two Bitcoin spot ETF applications from One River and Wisdom Tree. The agency stated that it would be “appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments received,” in response to both applications.

(SEC Filing for Wisdom Tree Bitcoin Trust)

(SEC Filing for One River Carbon Neutral Bitcoin Trust)

The SEC has not yet approved a Bitcoin spot ETF on the grounds that a spot ETF would be vulnerable to market manipulation and thus pose a substantial risk to investors, although the agency did approve several Bitcoin futures ETFs earlier this year.

In other news, Bitcoin futures are performing quite well, as “the annualized rolling premium in three-month bitcoin futures listed on the Chicago Mercantile Exchange, a proxy for institutional participation, rose to 4.8% early Thursday, hitting the highest since Jan. 4.” (MSN)

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