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SEC Denies Application to List SolidX Bitcoin ETF
For the second time in just over 2 weeks, the SEC has denied an application to list an exchange-traded fund (ETF) that would track the bitcoin, a digital currency. Today’s application had been filed by NYSE Arca, which sought to list and trade the SolidX Bitcoin Trust. On March 10, BATS had applied to list and trade the Winkelvoss Bitcoin Trust. [Click on Financialish, 3/10/17]
The SEC has expressed continued concern over the volatility of this virtual currency, and market reaction following the SEC rejection has shown that the concerns are real. After the SEC denied the Winkelvoss Trust application, bitcoins fell in price by as much as 18% against the dollar, to $978.76 a bitcoin. Prior to today’s SEC announcement, bitcoins were trading at about $1,055.
There remains one bitcoin application with the SEC – filed last year for the Grayscale Investments Bitcoin Investment Trust.
