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- The U.S. Securities and Exchange Commission has denied the proposal of SkyBridge Capital’s Spot Bitcoin exchange traded fund on Thursday.
- The decision by the SEC did not come as much of a surprise to most as regulators previously denied a decision for Kryptoin’s Spot Bitcoin ETF back in late Dec. Moreover, regulators also rejected Spot Bitcoin proposals from WisdomTree and VanEck.
- Gary Gensler, SEC Chairman, has made it quite clear that he prefers Bitcoin Futures ETFs at this current juncture versus an ETF that holds physical Bitcoin (BTC-USD).
- For now, investors that are interested in cryptocurrencies that are put together inside of an ETF wrapper will have to look towards the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and the VanEck Bitcoin Strategy ETF (BATS:XBTF).
- Daily price action: BTC-USD +3.5%, BITO +4.2%, BTF +4.2%, and XBTF +3.8%.
- A spot bitcoin ETF that will hold actual Bitcoin inside the ETF wrapper looks like it will have to wait. Experts believe that ETFs that directly hold Bitcoin will likely come in mid-2022.