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Bitcoin ETF postpones its big board debut

Rebecca Zisser / Axios

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.