Market

SEC postpones NYDIG Bitcoin ETF decision to March

The US Securities and Exchange Commission has postponed the approval of the NYDIG Spot Bitcoin ETF.

Delay until March

NYDIG presented a proposal for a spot Bitcoin ETF on June 30, 2021. The investment vehicle tracks the value of the BTC held in the trust.

The SEC is expected to make a decision on the approval by January 15, 2022. But now the regulator says it will postpone it to March 16, 2022.

The SEC previously postponed a decision on similar Bitcoin ETF proposals. Decisions on Bitwise, Grayscale and WisdomTree have all been postponed to December, with regulators also immediately rejecting VanEck’s proposal for a spot Bitcoin ETF on November 13.

NYDIG is the digital asset-focused subsidiary of Stone Ridge Asset Management valued at $ 7 billion, making it a major competitor in the race for the first Bitcoin ETF.

In the past year, several Bitcoin futures ETFs that track the value of Bitcoin futures contracts were approved and launched. These products come from Valkyrie, ProShares and VanEck.

A spot bitcoin ETF would make a significant difference as it would replicate directly with the market value of bitcoin itself. To date, no spot ETF has been launched in the USA and, if approved, would be an important milestone for the crypto industry.

Some experts predict that a spot Bitcoin ETF will hit the market before the end of 2022, although previous rejections suggest the wait could be longer.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.