US SEC Delays Decision on Grayscale’s Spot Bitcoin ETF

US SEC Delays Decision on Grayscale’s Spot Bitcoin ETF
Representations of virtual cryptocurrencies are placed on U.S. Dollar banknotes in this illustration taken on Nov. 28, 2021. Dado Ruvic/Illustration/Reuters
Reuters
Updated:

The U.S. Securities and Exchange Commission has delayed its decision on a spot bitcoin exchange-traded fund (ETF) proposal from Grayscale Bitcoin Trust, the world’s largest digital currency manager.

In a notice dated Wednesday, the markets regulator said it now expects to review Grayscale’s proposal by Feb. 6, later than the original December deadline.

In October, Grayscale, which has over $45 billion of cryptocurrency assets under management, had said it plans to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF.

The first U.S. bitcoin futures-based exchange-traded fund also began trading that month, taking bitcoin’s price to a six-month high. However, the cryptocurrency has since eased and it is currently trading below $50,000.