Economy

Bitcoin fund withdraws United States exchange application

Bitcoin fund withdraws United States exchange application”

Grayscale Investments, LLC, sponsor of the Bitcoin Investment Trust (OTCQX:GBTC), announced that NYSE Arca has withdrawn the "Rule 19b-4" application now pending before the Securities and Exchange Commission seeking approval to list shares of the Bitcoin Investment Trust on NYSE Arca.

Also on Wednesday, Van Eck Associates Corp pulled a registration document for a bitcoin fund after saying the SEC told them they would not review the filing until futures contracts on the digital currency start trading.

The trust was seeking to raise $500 million with an investment objective that the registered shares would reflect the performance of the value of bitcoin, before liabilities and expenses of the trust, as represented by the TradeBlock XBX Index.

Grayscale said they would continue their dialogue with regulators, but there is no certainty if the fund would be approved.

ICE had been pursuing a listing of Grayscale Investments Bitcoin trust, which if successful would have allowed investors to trade cryptocurrencies as seamlessly as stocks, according to a Reuters report.

GBTC shares gained almost 500 percent this year, more even than the 332 percent rise of bitcoin to more than $4,100.

Bitcoin can be used to move money with relative anonymity, and without the need for a central authority, such as a bank or government.

While the implications of the application being withdrawn would indicate a negative outlook for listed bitcoin ETFs, others are more hopeful, with Proshares Capital Management submitting two new Bitcoin ETF funds for approval by the SEC Sept. 27. NYSE could not be reached. One of those was backed by investors Cameron and Tyler Winklevoss, the twins made famous by their involvement with Facebook founder Mark Zuckerberg. CBOE Holdings Inc's Bats exchange, which wanted to host that exchange-traded fund, appealed the ruling.

Arthur Levitt, a former chairman of the U.S. Securities and Exchange Commission, said on Thursday he believed the regulator was ill equipped to deal with bitcoin, the digital currency that has seen a meteoric price rise, prompting concerns of a bubble.



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