SEC Rejects VanEck’s Spot Bitcoin ETF Proposal

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.

This is a developing story and will be updated.

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