One River’s initial application faced a delay in March.Read MoreFeedzy
The One River Carbon Neutral Bitcoin Trust – a spot Bitcoin ETF proposed by One River Asset Management – has been rejected by the U.S. Securities & Exchange Commission (SEC).
One River submitted paperwork for the ETF in May 2021, and the SEC in March announced a delay in its decision. This particular spot ETF application differed from others in that One River pledged to buy and dispose of carbon credits to account for the emissions associated with the bitcoin in the fund.
While the SEC has green-lit a number of futures-based Bitcoin ETFs, it has denied (or otherwise delayed) all spot Bitcoin ETFs brought before it. To name two, the agency in March denied applications submitted by NYDIG and GlobalX.
The most recent futures-based Bitcoin ETF to win SEC approval was one from Valkyrie. That asset manager had filed its application under the Securities Exchange Act of 1934. Other approved Bitcoin futures ETFs came under the Investment Company Act of 1940. The Valkyrie “34 Act” approval had given some hope to spot Bitcoin ETF advocates.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.