The commission rejected a rule change allowing listing and trading shares of the First Trust SkyBridge Bitcoin ETF Trust, citing similar reasons for disapproving Bitcoin spot ETFs from VanEck in November and WisdomTree in December.
Exchange-traded funds, or ETFs, are investment funds that trade on a stock market with their value derived from an underlying basket of assets such as stocks, bonds, commodities and other financial instruments. They provide investors easier exposure to a certain index of assets.
A Bitcoin ETF is similar, but the underlying asset is the Bitcoin (BTC) cryptocurrency rather than other traditional financial instruments.
The hope of Bitcoin ETFs is that they could provide institutional investors an easier way to buy into Bitcoin and crypto markets, thus making it more attractive to the broader investment community.
While there have been many proposals for Bitcoin ETFs presented to the United States Securities and Exchange Commission, or SEC, the main hindrance to their approval is concern for asset volatility and market maturity, though this sentiment is starting to shift in crypto’s favor. For years, and most certainly now, there has been demand from institutional investors for this on-ramp to the crypto economy.
Mike McGlone, senior commodity strategist at Bloomberg, is convinced that Bitcoin’s transition to digital gold will propel it to new all-time highs in 2022.14843
Ark Invest's latest foray into the crypto sector focuses on stablecoin issuer Circle, which announced plans to merge with SPAC Concord Acquisition Corp.10308
The India International Exchange is reportedly looking to explore digital asset-based products despite local uncertainty.3373
Derivatives data suggests that, sentiment-wise, pro traders are still neutral on Bitcoin’s price prospects ahead of Friday’s $750 million options expiry.16156
The future’s bright for Bitcoin according to Ric Edelman, founder of financial advisory outfit Edelman Financial Engines.6611
In a blow for bruised Bitcoin bulls, the long-awaited NYDIG Bitcoin ETF has suffered another setback.9223
Crypto investment managers had $62.5 billion in assets under management at the end of 2021, with Bitcoin products attracting sizable investments.4477
The amount of BTC held by public companies gained significant market share from that held in spot ETFs since MicroStrategy’s “Bitcoin for Corporations” conference in February 2021.10852
Called “Sber — Blockchain Economy,” the ETF will trade under the ticker SBBE and track major crypto companies.5589
There’s little to smile about when it comes to institutional participation in Bitcoin at the end of the year, data shows.12822
But concerns remain that the cryptocurrency could fall harder than its traditional rivals in 2022 on the U.S. Federal Reserve’s increasingly hawkish tones.9258
While 2021 surely saw a few regulatory setbacks, some governments delivered masterclasses in forward-looking crypto regulation.5813
In late November, two Canadian metaverse ETFs started trading on the Toronto Stock Exchange on the same day.13810
Even in a year when cryptocurrencies have seen their best-ever performance, there are a few things that have disappointed the community.12699