On Thursday, January 26th, the Securities and Exchange Commission announced that they’re rejecting Ark and 21Shares’ latest attempt to list a spot Bitcoin ETF in the United States. It’s been a year of trying, but no luck so far.
The proposed fund was set to be listed on the Cboe BZX Exchange, but the SEC had already rejected a similar proposal in April 2022 and kept postponing its decision. But, don’t worry folks, the SEC has approved other types of BTC ETFs and the first one to launch in the US reached a whopping $1 billion valuation in just 24 hours
Bitcoin ETF Fever: US Set to Catch Up with the Global Craze!
While Canada and Australia have had spot Bitcoin ETFs for a while now and even Brazil got in on the action last November, the US is still waiting for its first approval. Ark and 21Shares aren’t the only ones trying, WisdomTree and One River also attempted to list a spot Bitcoin exchange-traded fund and faced rejection.
Last year was a rough one for crypto, even the Aussies felt the chill with the delisting of Australia’s oldest BTC ETF. But the real drama came from the US, where Valkyrie announced it was throwing in the towel on its fund. But the real showstopper was Grayscale’s attempt to turn its GBTC into an ETF.
The SEC said no, but Grayscale wasn’t taking that for an answer and decided to fight back. The courtroom drama is set to begin in early March and if things don’t go their way, Grayscale is ready to appeal the decision.