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Home News Latest News

U.S. SEC Directs First Trust-SkyBridge to Publicly Declare its Bitcoin ETF Application as “Abandoned”

13 March 2024
in Latest News, News
Reading Time: 3 mins read
101 7
US SEC Orders First Trust-SkyBridge to Announce its Bitcoin ETF Abandoned

source: nairametrics.com

The US Securities and Exchange Commission (SEC) issued a notice on Wednesday, March 13, instructing First Trust-SkyBridge to publicly announce its Bitcoin ETF application has been “abandoned”.

This move follows the SEC’s rejection of their initial application in January 2022. Since then, neither party has taken any meaningful steps to address the issue—no dismissal nor a renewed attempt to secure approval. 

The SEC is ordering (in all caps) First Trust SkyBridge Bitcoin ETF to declare their filing “abandoned” today. FT was one of the filers who never jumped back in to the post-BLK race, not sure why. Had they launched prob add 15% to the flows prob as First Trust is a sales MACHINE pic.twitter.com/ruEbFvyFxC

— Eric Balchunas (@EricBalchunas) March 12, 2024

U.S. SEC Notice Source: Eric Balchunas’s X post

First Trust-SkyBridge, which was as a coalition between First Trust and SkyBridge in 2021, was among the early applicants for a Bitcoin exchange-traded fund (ETF) license. However, their application was rejected in January 2022 by the SEC over their failure to file their registration statement before communication. 

First Trust-SkyBridge wasn’t the only Bitcoin spot ETF applicant to be rejected by the SEC at the time; other applicants, including Fidelity Investments, Grayscale, and Bitwise, were also rejected. The SEC’s primary reason for the decisions revolved around how susceptible the funds are to market manipulation.

Interestingly, unlike other previously rejected applicants, First Trust-SkyBridge did not reapply after BlackRock’s application and subsequent revisions. BlackRock had to include a commitment to a “surveillance-sharing agreement between exchanges” in its filing to address the SEC’s primary concerns about market manipulation.

It is still unknown why First Trust-SkyBridge didn’t reapply. Eric Balchunas, a Bloomberg ETF analyst, noted that had they reapplied, they might have contributed about 15% to the current net flows recorded by newly launched ETFs because the company was a “sales machine.”

The US SEC finally approved the first set of Bitcoin spot ETFs in January 2024 after nearly ten years of back-and-forth between the regulator and the ETF issuers. Most of these ten ETFs have been performing greatly overall, having accumulated over $20 billion worth of assets under management. Blackrock’s $IBIT and Fidelity Investments’ $FBTC have been leading the pack, with over $15.4 billion and $9.12 billion in AUM as of March 12, 2024, respectively. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BitcoinETFUS SEC
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Precious James

Precious James

Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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