FILE PHOTO: Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023.
A spot bitcoin ETF would give investors exposure to the world’s largest cryptocurrency by market capitalization without having to own it.
The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation.
Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin’s underlying price.
Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock, Fidelity and WisdomTree.
Persons:
Dado Ruvic, Grayscale’s, It’s, ”, Christopher LaVigne, Withers, “, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, ” Coinbase, Withers ’ LaVigne
Organizations:
WASHINGTON, REUTERS, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, BlackRock, Supreme
Locations:
Washington, New York, WilmerHale, BlackRock