This section covers cryptocurrency ETFs, ETNs, trusts, funds, and other such products. For example, this section includes GBTC.

NOTE: The Bitcoin Investment Trust (GBTC) is a trust that holds Bitcoin. Shares of the trust can be purchased on the stock market. The trust holds about 170,000 bitcoins. Each share represents about .092 bitcoins (so if you own 10 shares, you own contracts that represent just under 1 bitcoin). In other words, GBTC isn’t a cryptocurrency. Instead, it represents ownership of a cryptocurrency held in a trust by the Greyscale investments.





SEC Rejects 9 ETFs, Market Doesn’t Flinch

After rallying over Bitcoin ETF hopes in July, and then crashing over ETF fears in August, the market didn’t even flinch as the SEC rejected 9 Bitcoin ETFs at once on August 22nd.


SEC Deadline on Proshares Bitcoin ETF is this Week

The SEC must approve or deny two Proshares Bitcoin ETFs this week. The deadline is Thursday the 23rd, they cannot extend the decision. This isn’t great timing considering the price of Bitcoin, recent ETF drama, and the SEC’s history of denials…. or is it?!



SolidX ETF Postponed

The SolidX ETF was postponed by the SEC until September 30, 2018. This decision was expected Aug 16, but came Aug 7 instead. Although many were hoping for approval, an extension is notably not a denial. Also, a new service called Bakkt goes a long way to making the SolidX approval a non-issue.



Bakkt

Bakkt is an upcoming exchange by the Intercontinental Exchange ICE (the parent company of the New York Stock Exchange NYSE). Bakkt “will enable consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.”