Bitcoin ETF postpones its big board debut
NYSE Arca has pulled its request to list Grayscale Investments' Bitcoin Investment Trust, although it hopes to refile when regulatory conditions are more conducive. A related S-1 doc with a $1 billion cover price remains on file, and BIT will continue to trade over-the-counter.
Why it matters: Moving from OTC to NYSE was a big attempt to mainstream bitcoin exposure, basically acting as an ETF that would reflect the cryptocurrency's value. Moreover, the $1 billion ask reflects Grayscale's belief in widespread demand.
Statement: "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."
Quasi-related: South Korea has followed China's lead in banning initial coin offerings, although questions remain about whether it's a blanket ban or only applies to domestic issuers.