The Securities and Exchange Commission indicated that it won’t approve a so-called spot bitcoin ETF proposed by fund provider VanEck. The fund was the most likely candidate for an ETF linked directly to bitcoin.
The most likely candidate for a bitcoin exchange-traded fund linked directly to bitcoin isn’t likely to happen in 2021, after the U.S. Securities and Exchange Commission on Friday indicated that it won’t approve a so-called spot bitcoin ETF proposed by fund provider VanEck.
“We are obviously disappointed in today’s update from the SEC declining approval of our physical bitcoin ETF,” said Jan van Eck, CEO, VanEck. The SEC’s decision isn’t that surprising but crypto proponents had been holding out hope that regulators would ultimately concede to the market demand for an ETF that invests directly in bitcoin rather than one backed indirectly via bitcoin futures BTC.1, -1.69%.
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