The Securities and Exchange Commission did not approve the first physical bitcoin ETF, the Winklevoss Bitcoin Trust (COIN), after more than three years since the filing first entered the regulatory pipeline. In a 38-page statement released Friday, regulators cited concerns over bitcoin’s unregulated status, and the difficulty of preventing manipulation and providing oversight in this type of market. For those reasons, they were saying no to the first proposed physical bitcoin ETF.
The ruling was a massive setback for COIN. But COIN isn’t the only physical bitcoin ETF awaiting approval, and the SEC will have to weigh in on each one of them. Mike Venuto, co-founder and chief investment officer of Toroso Investments, has been closely following the bitcoin space, and shared with us what he sees happening ahead. His firm owns exposure to bitcoins via Grayscale (GBTC) on behalf of its clients.
Read more on ETF.com