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.
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.