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    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

    Uniswap Labs Acquires NFT Startup Genie

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    NFT Collection Doodles Sees 400% Spike In Volumes On This

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    Economic Fail Or Key To A Creative Future?

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    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

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    OpenSea Tightens Security To Prevent NFT Scams And Fraud

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  • Metaverse
    Demystifying Metaverse Competition - NFT News Today

    Demystifying Metaverse Competition

    The Go-To Marketplace For All Things Metaverse

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    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

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    Man wearing smart glasses touching a virtual screen to access the metaverse

    How The Metaverse Can Change Mental Health For The Better

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

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  • Analysis
    Bitcoin

    Bitcoin Price Eyes Upside Break, Why BTC Could Surge to $23K

    bitcoin google

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    Harmony's Cross-Chain Bridge Exploited for $100M

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    Ethereum Key Indicators Suggest Strengthening Case For More Upsides

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    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

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    Bitcoin

    Bitcoin Could Restart Increase If The Bulls Clear This Resistance

    Ethereum

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    Bitcoin

    Bitcoin Trims Gains, Why 100 SMA Could Trigger Fresh Increase

    Ethereum

    Ethereum Tops Near $1,200, Why Dips Could Be Attractive

  • Learn About Crypto
    What Is a Decentralized Exchange (DEX)?

    What Is a Decentralized Exchange (DEX)?

    What Is Ethereum 2.0 (The Merge)?

    What Is Ethereum 2.0 (The Merge)?

    Breaking: ExxonMobil is Mining Bitcoin With Natural gas

    Iran Cuts Power Supply To Crypto Mines;

    What Is Crypto Lending

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    How to Survive a (Crypto) Bear Market

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    Top 6 Crypto Events for June 2022 – Coingape

    What Is A Bull Flag Pattern and How to Use It

    What Is A Bull Flag Pattern and How to Use It

    A Beginner’s Guide To Reversal Candlestick Patterns

    A Beginner’s Guide To Reversal Candlestick Patterns

    Wash Trading: What Is It and How Does It Work?

    Wash Trading: What Is It and How Does It Work?

  • Regulation
    Singapore’s changed stance on crypto

    Singapore’s changed stance on crypto

    Pro-BTC Commissioner Hester Peirce Blasts Regulators, Says SEC Agenda Will Trigger ‘Dangerous’ Market Conditions

    Pro-BTC Commissioner Hester Peirce Blasts Regulators, Says SEC Agenda Will Trigger ‘Dangerous’ Market Conditions

    Gensler appeals for ‘one rule book’ in negotiations with CFTC over crypto regulation

    Gensler appeals for ‘one rule book’ in negotiations with CFTC over crypto regulation

    US State Passes Legislation Allowing Financial Institutions To Offer Crypto Custody Services

    US State Passes Legislation Allowing Financial Institutions To Offer Crypto Custody Services

    CBDC may threaten stablecoins, not Bitcoin: ARK36 exec

    CBDC may threaten stablecoins, not Bitcoin: ARK36 exec

    ‘Brutal and unrelentingly hard:’ Singapore regulator’s clampdown on crypto

    ‘Brutal and unrelentingly hard:’ Singapore regulator’s clampdown on crypto

    Cardano founder steals the show at Congressional hearing on crypto regulation

    Cardano founder steals the show at Congressional hearing on crypto regulation

    Hoskinson pitches software-enabled crypto self-regulation to Congress

    Hoskinson pitches software-enabled crypto self-regulation to Congress

    Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

    Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

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Home Altcoins

Bitwise spot Bitcoin ETF: Despite growing demand, SEC further delays listing

April 24, 2022
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Bitwise spot Bitcoin ETF: Despite growing demand, SEC further delays listing
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The Securities and Exchange’s (SEC) relationship with spot Bitcoin ETF applicants continues to take interesting turns with this new development. But, the result remains constant: indefinite delay. An ETF is an investment vehicle that tracks the performance of a particular asset or group of assets. ETFs allow investors to efficiently diversify their portfolios without directly owning the assets.

Now a spot ETH, unlike the futures counterpart, would incorporate actually owning a cryptocurrency.

Different inputs, same output 

The U.S SEC has extended until 1 July the deadline to decide whether to approve Bitwise Bitcoin ETP Trust’s listing on Nasdaq. Wu Blockchain, a famed news outlet had highlighted the said development in a tweet on 24 April. Perhaps, the SEC has denied or extended all Bitcoin spot ETF applications. The ruling cited:

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change. So that it has sufficient time to consider the proposed rule change and the issues raised in the comments that have been submitted in connection therewith.”

Unfortunately, it wasn’t the first time, the applicant faced a delay. Earlier in February of this year, Bitwise Asset Management fund faced the same situation.

Aren’t you tired?

Indeed not. Renowned asset manager, Grayscale made a new appeal to the SEC to upgrade its Grayscale Bitcoin Trust into an exchange-traded fund (ETF).

Grayscale makes fresh push for SEC approval to become bitcoin ETF

— Barry Silbert (@BarrySilbert) April 23, 2022

Despite the same outcome in the past, the asset manager remain undeterred ahead of the July deadline. Well, mainly cause the demand for a physically-backed BTC ETF is on the rise. Investors in all 50 states owned GBTC, with around 800,000 accounts in the United States. According to the compant themselves the statistic stood at:

Source: GBTC

Well, according to Ycharts, the same saw a steep decline lately. Grayscale’s Bitcoin Trust has been trading at a massive discount in recent months amid speculations and uncertainty in the market. At the time of writing, the GBTC fund traded at a discount of 23.29%.

Source: Ycharts

An approval would cease the said discounted price tag or share in this case. Nonetheless, despite the July deadline, things don’t look too promising for the said application. Further, the SEC had denied spot Bitcoin ETFs by several issuers in recent months, including Fidelity, SkyBridge, and Valkyrie. All of which sought to provide easy exposure to the digital currency.

At the same time, two Bitcoin futures-based funds, the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF made their Wall Street debuts back in October.



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Tags: BitcoinBitwisedelaysdemandETFGrowinglistingSECSpot
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