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Bitcoin exchange-traded funds (ETFs) have been a crucial development in the cryptocurrency market, but some ETF issuers have failed to meet certain requirements, leading to their applications being rejected.
The launch of Bitcoin spot trading ETFs is a key development in the cryptocurrency market, but some ETF issuers have failed to meet certain requirements, leading to their applications being rejected.
SkyBridge's Bitcoin ETF Application Abandoned
As Bitcoin spot trading ETFs become increasingly popular, investment management firm SkyBridge Capital has been dealt a blow, with its First Trust SkyBridge Bitcoin ETF Trust being announced as abandoned by the U.S. Securities and Exchange Commission (SEC).
Bloomberg ETF senior analyst and cryptocurrency advocate Eric Balchunas shared this development with the cryptocurrency community on the social media platform X (formerly known as Twitter).
Eric Balchunas revealed that the U.S. Securities and Exchange Commission ordered the First Trust SkyBridge Bitcoin ETF to announce its application "abandoned." According to Bloomberg experts, he was unsure of the reasons behind this event, as First Trust was "one of the applicants that steered clear of the BLK race".
He further pointed out that if the U.S. Securities and Exchange Commission approves the launch of a Bitcoin ETF, "due to First Trust being a selling machine", inflows into the First Trust SkyBridge Bitcoin ETF Trust could increase by 15%.
In a screenshot of the document shared by Balchunas, the U.S. Securities and Exchange Commission stated, "SkyBridge did not comply with the warning under Rule 479", which stipulates that if the statement is not "timely amended or withdrawn", it will be deemed abandoned.
It is worth noting that SkyBridge Capital was one of the earliest companies to apply for a Bitcoin ETF. However, regulators rejected this application in January 2022, and the company did not reapply for the introduction of the ETF.
According to Section 6(a) of the Securities Act of 1933, the First Trust SkyBridge Bitcoin ETF filed a registration statement to register the securities with the agency. However, since the filing of the registration statement nine months ago, the statement has not yet become effective.
Therefore, the Financial Industry Regulatory Authority ordered the declaration of abandonment of the registration statement on March 12 (Tuesday).
Grayscale Obtains Second-Largest ETF Outflows
While leading companies like BlackRock have seen significant inflows since the launch of Bitcoin ETFs, Grayscale has experienced notable outflows. Balchunas revealed that over the past 15 years, the Grayscale Bitcoin Trust ETF (GBTC) has been the "second-largest cumulative outflow" ETF of all ETFs.
So far, GBTC has accumulated outflows of approximately $10.553 billion. Meanwhile, the iShares MSCI Emerging Markets ETF (EEM) currently leads with outflows of $12.341 billion.
This is interesting because EEM catalyzed BlackRock's mini-move with IEMG, while Grayscale is executing with BTC and GLDM.
Other notable companies experiencing significant outflows include SPDR Gold Shares (GLD), SPDR S&P MidCap 400 ETF Trust (MDY), and United States Oil Fund, LP (USO). |
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Post time 20-3-2024 09:22:50