The SEC rejected investment firm VanEck’s proposal for a spot bitcoin exchange-traded fund (ETF) on Friday.
- The decision was widely expected as SEC chair Gary Gensler has indicated his preference for a bitcoin futures ETF over a spot bitcoin ETF several times in the past.
- Two bitcoin futures ETFs, the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF), began trading last month, leading to a significant rally in the price of bitcoin.
Spot Bitcoin ETF Has Been REJECTED: https://t.co/UIaDLpA4zD https://t.co/7IlmEPfHDE
— Eric Balchunas (@EricBalchunas) November 12, 2021
This is a developing story and will be updated.