US SEC rejects VanEck spot bitcoin ETF application for third time

A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Benoit Tessier/Illustration, Reuters Image used for illustrative purpose.
Reuters Images

The SEC has rejected a raft of ETFs that proposed tracking the digital asset, including VanEck's previous applications in June last year and in November 2021

John McCrank, Reuters News

March 11, 2023

PHOTO
A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Benoit Tessier/Illustration, Reuters Image used for illustrative purpose.

NEW YORK - The U.S. Securities and Exchange Commission on Friday rejected a proposal to list and trade shares of the VanEck Bitcoin Trust, marking the third time the regulator has denied VanEck proposals for a spot bitcoin exchange-traded fund (ETF).

The SEC has rejected a raft of ETFs that proposed tracking the digital asset, including VanEck's previous applications in June last year and in November 2021, over concerns of manipulation in the underlying market.

(Reporting by John McCrank)

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