Two BTC ETF applications denied by the US SEC on the same day

  • Grayscale Investments’ request to convert its $13.5 billion Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF was rejected by the SEC on Wednesday
  • The SEC said in its filing that the application failed to address the SEC’s questions about preventing market manipulation, as well as other concerns.
  • The decision joins the SEC’s Wednesday rejection of Bitwise’s request for approval of a spot bitcoin ETF.

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