NYSE Arca has withdrawn the application that was pending before the Securities and Exchange Commission seeking approval to list shares of the Bitcoin Investment Trust. Grayscale Investments, LLC, is the sponsor of the Trust that currently trades on OTC Markets (OTCQX:GBTC).
Grayscale said that earlier this year, the SEC rejected two similar Rule 19b‑4 applications for the exchange listing of cryptocurrency products, based upon the SEC’s analysis of the current state of regulation of the underlying digital currency markets and related derivatives markets.
Grayscale said it has been monitoring regulatory developments in these markets and at this time Grayscale does not believe there have been enough regulatory developments to prompt the SEC to approve the Rule 19b‑4 application for the Bitcoin Investment Trust.
Grayscale said it will continue to engage with the SEC and closely monitor regulatory developments if, and when, conditions permit the listing of the Trust. The listing on OTC Markets is unaffected.
Founded in 2013, Grayscale Investments, LLC is a wholly-owned subsidiary of Digital Currency Group, Inc., which builds and supports bitcoin and blockchain companies.
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