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US SEC extends deadline for approving Bitcoin ETF filings from Grayscale and Bitwise

                                                            Die United States Securities and Exchange Commission (SEC) hat ihre Entscheidung bezüglich der Anträge Bitwise Bitcoin ETP Trust und Grayscale Bitcoin Trust verschoben.

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SEC extends approval date to February 2021

The regulatory authority has set two new extension dates for both applications in order to decide whether to approve, reject or initiate “a process to decide on the rejection”.

“The Commission considers it appropriate to set a longer period of time within which to respond to the proposed rule change so that it has sufficient time to review the proposed rule change and the comments received,” said the SEC in communications sent to both companies .

The financial regulator expects a decision for the Bitwise Bitcoin ETP Trust on February 1st, 2022 and for the Grayscale Bitcoin Trust on February 6th, 2022.

Bitwise Bitcoin ETF Trust

At the beginning of October, Bitwise Asset Management applied for a Bitcoin ETF from NYSE Arca. It offers its clients exposure to “actual BTC” rather than derivatives such as Bitcoin futures, which the company previously filed with the SEC but later withdrew due to regulatory concerns.

According to the filing, Bitwise intends to register approximately 1,000 shares of its Bitwise Bitcoin ETP Trust with a proposed maximum offer price of $ 25, using the CME US Reference Rate as the price reference for Bitcoin is used in the trust.

The company’s chief investment officer, Matt Hougan, said he was confident that the SEC will approve her application this time around, despite several unsuccessful attempts.

“The market has matured. An actual BTC ETF can now be approved, ”he said.

Greyscale to convert Bitcoin Trust to ETF

Around the same time as Bitwise’s filing, Grayscale Investments, the world’s largest asset manager for digital currencies, also filed an application with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin Spot ETF.

The company manages a whopping $ 44 billion in assets under management (AUM), according to a December 17 update.

The proposed Grayscale Bitcoin Spot ETF would be backed by actual units of digital assets and not just linked to derivative contracts.


Source: Crypto News Deutsch

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