NYSE Arca Bitcoin ETF Delayed Again By SEC To November 21
Key Points:
Read more: Nasdaq Bitcoin Index Options Seeks SEC Approval to Launch
In a filing dated Sept. 4, the agency extended its decision on NYSE Arca‘s listing request to Nov. 21, 2024-for the second time after an earlier delay in May.
The proposed fund-7RCC Spot Bitcoin and Carbon Credit Futures ETF, would offer Bitcoin exposure with a greener twist.
Put another way, the NYSE Arca Bitcoin ETF would aim to have 80% exposure to Bitcoin, while the rest is exposed to carbon credit futures used to offset the emissions of carbon in a cap-and-trade regimen. Carbon credit futures enable their holders to emit a certain quantity of greenhouse gas in markets such as the European Union or California.
While Tidal Investments, the issuer of the NYSE Arca Bitcoin ETF, filed for registration as far back as December 2023, the exchange has only just made the formal request this March 2024.
The move comes from the SEC amid broader scrutiny of the environmental impact Bitcoin has. It is a critique of mining cryptocurrency that requires huge amounts of energy in keeping the network safe, resulting in a carbon footprint. The International Monetary Fund estimated back in August that cryptocurrency mining accounts for up to 1% of global greenhouse gas emissions.
Aside from the NYSE Arca Bitcoin ETF, the agency also delayed its decisions on other cryptocurrency ETFs, including a proposed rule change for listing Hashdex Nasdaq Crypto Index ETF on the Nasdaq exchange.
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