After months of anticipation, the destiny of the First Belief SkyBridge Bitcoin [BTC] ETF has taken a shocking flip as the US Securities and Change Fee (SEC) has declared it “deserted.”
The SEC’s resolution revealed by a screenshot shared by senior Bloomberg ETF analyst Eric Balchunas on 12 March marks a big 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 sudden 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 could be thought of deserted with out motion.
After receiving no response, the SEC made its decision.
“First Belief SkyBridge Bitcoin ETF Belief has failed to answer discover below Rule 479 that the registration assertion could be declared deserted until it was well timed amended or withdrawn.”
This marks a big 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 reality behind the rejection
The precise causes behind the choice to halt the First Belief SkyBridge Bitcoin ETF software stay unclear.
Nonetheless, had the appliance been authorized 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 important 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 always evolving, will probably be intriguing to look at how ETFs proceed to form their trajectory, for higher or for worse.