The US Securities and Exchange Commission (SEC) has delayed its decision on the Bitcoin spot ETF offered by asset manager New York Digital Investment Group LLC (NYDIG) to March 16, 2022.
The ETF submitted to the SEC by NYDIG on June 30, 2021 will track Bitcoin’s value movements. A decision on this ETF was expected by the SEC by January 15, 2022, but the decision has been delayed.
The US Securities and Exchange Commission (SEC) made the following statement on the subject:
“To have enough time, NYDIG’s decision-making time on the spot Bitcoin ETF proposal has been extended by 60 days. ”
The SEC has also delayed resolutions submitted regarding ETFs from Fidelity, SkyBridge Capital, Bitwise, Grayscale and WisdomTree in recent months. Additionally, he rejected VanEck’s Bitcoin spot ETF last November.
While none of the spot ETFs were approved in 2021, Bitcoin futures ETFs Valkyrie, ProShares and VanEck were approved. ETFs are listed as Valkyrie Bitcoin Strategy ETF (BTF), ProShares Bitcoin Strategy ETF (BITO), VanEck Bitcoin Strategy ETF (XBTF).
Gemini founders, brothers Cameron and Tyler Winklevoss, in 2013 Winklevoss Bitcoin Trust They submitted their first Bitcoin ETF proposal, called the SEC, to the SEC, but did not receive approval.
Many large companies are applying for the Bitcoin spot ETF. What makes ETF special is that it contains a new formation expectation in terms of acceptability and reliability among investment instruments. Some of the publicly traded companies have invested in Bitcoin by offering incentive balance sheets in this sense. Although popular globally, Bitcoin and other cryptocurrencies are still considered risky by many large and medium-sized investors. The move to prevent this perception is thought to be Bitcoin spot ETFs.