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Home»Bitcoin»This Bitcoin ETF is now ‘abandoned’: are your assets safe?
Bitcoin

This Bitcoin ETF is now ‘abandoned’: are your assets safe?

2024-03-14No Comments2 Mins Read
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After months of anticipation, the fate of the First Trust SkyBridge Bitcoin is known [BTC] ETF has taken a surprising turn as the US Securities and Exchange Commission (SEC) has declared it ‘abandoned’.

The SEC’s decision, revealed via a screenshot shared by senior Bloomberg ETF analyst Eric Balchunas on March 12, marks a major development in the cryptocurrency ETF space.

The screenshot stated,

“In view of the foregoing, it is ORDERED that the Registration Statement be declared abandoned on March 12, 2024.”

This unexpected twist added a new layer of intrigue to the evolving landscape of cryptocurrency investment vehicles.

Missed opportunities

However, before the recent announcement, the SEC informed First Trust SkyBridge that their registration statement would be considered abandoned without action.

After receiving no response, the SEC issued a decision decision.

“First Trust SkyBridge Bitcoin ETF Trust has not responded to the Rule 479 notice that the registration statement would be declared abandoned unless timely amended or withdrawn.”

This represents a significant setback for First Trust SkyBridge, following a previous rejection by the SEC in 2022. Their initial interest in listing an ETF on the NYSE in March 2021 was also unsuccessful.

Making the same comment on this, Balchunas added,

“FT was one of the filers that never jumped back into the post-BLK race, not sure why. If they had launched this it would probably have added 15% to flows as First Trust is a sales MACHINE.

The uncertain truth behind the rejection

The exact reasons behind the decision to discontinue the First Trust SkyBridge Bitcoin ETF application remain unclear.

See also  Bitcoin Sees a Sharp Drop in Direct Ownership – ETF Effect?

However, had the filing been approved in January along with other offerings, it could have potentially benefited from the notable success of several spot Bitcoin ETF issuers, most notably BlackRock.

Among all ten spot Bitcoin ETFs, BlackRock has maintained its position as the leader, with a significant lead inflow and trading volume.

This increased attention on the spot Bitcoin ETFs has translated into a rise in the price of Bitcoin itself, culminating in a new all-time high above $72,000.

So, with the cryptocurrency market constantly evolving, it will be intriguing to observe how ETFs continue to shape their trajectory, for better or for worse.

Previous: Grayscale to launch a ‘mini-Bitcoin fund’? Everything you need to know

Next: Ethereum Dencun Upgrade Approaching: Has Anything Changed for ETH?



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abandoned.. Assets Bitcoin ETF Safe
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