After months of anticipation, the destiny of the First Belief SkyBridge Bitcoin [BTC] ETF has taken a stunning flip as the US Securities and Change Fee (SEC) has declared it “deserted.”
The SEC’s determination revealed by means of a screenshot shared by senior Bloomberg ETF analyst Eric Balchunas on 12 March marks a major growth within the realm of cryptocurrency ETFs.
The screenshot said,
“In view of the foregoing, it’s ORDERED that the registration assertion be declared deserted on March 12, 2024.”
This surprising twist added a brand new layer of intrigue to the evolving panorama of cryptocurrency funding autos.
Misplaced alternatives
Nonetheless, earlier than the latest announcement, the SEC notified First Belief SkyBridge that their registration assertion can be thought-about deserted with out motion.
After receiving no response, the SEC made its decision.
“First Belief SkyBridge Bitcoin ETF Belief has failed to reply to discover beneath Rule 479 that the registration assertion can be declared deserted until it was well timed amended or withdrawn.”
This marks a major setback for First Belief SkyBridge, following a earlier rejection by the SEC in 2022. Their preliminary curiosity in itemizing an ETF on the NYSE in March 2021 was additionally unsuccessful.
Remarking on the identical, Balchunas added,
“FT was one of many filers who by no means jumped again into the post-BLK race, undecided why. Had they launched prob add 15% to the flows prob as First Belief is a gross sales MACHINE.”
The unsure fact behind the rejection
The precise causes behind the choice to halt the First Belief SkyBridge Bitcoin ETF software stay unclear.
Nonetheless, had the applying been permitted alongside different choices in January, it might have probably capitalized on the outstanding success witnessed by a number of spot Bitcoin ETF issuers, notably BlackRock.
Amongst all ten spot Bitcoin ETFs, BlackRock has maintained its place because the chief, boasting vital inflows and buying and selling quantity.
This heightened consideration on spot Bitcoin ETFs has translated right into a surge within the value of Bitcoin itself, culminating in a brand new all-time excessive above $72,000.
Thus, with the cryptocurrency market consistently evolving, it is going to be intriguing to look at how ETFs proceed to form their trajectory, for higher or for worse.
