SEC has yet to find the perfect pitch for a Bitcoin ETF

SEC has yet to find the perfect pitch for a Bitcoin ETF

A series of rejection and postponement of conclusions by the SEC to the proposed Bitcoin ETFs has raised a sense of pessimism amidst the crypto bulls. The year has so far witnessed a multitude of rejections of Bitcoin ETF applications including that of Winklevoss twins, and many others

The Bitcoin ETFs were filed for with a lot of hope but it seems that they do not yet qualify the minimum quality threshold that the SEC seeks. In the word of Bill Barhydt, the CEO of Abra, it is as if ‘the applications don’t fit the mold of who the SEC is used to approving.’

Crypto execs believed that a Bitcoin ETF might be a true story by the end of this year but according to Barhydt, there’s time for that to happen and it might just turn out to be the next year until the SEC falls to the rising demand and finally gives way to it. Barhydt added that there would be a greater chance of SEC approving the application for Bitcoin ETF if it comes from a reputed financial institution.

Currently on the brink is the application of VanEck SolidX Bitcoin Trust ETF whose denouement is scheduled for the 30th of September and there’s still a chance for it to be the first of its kind.

Bitcoin

BTC
Price
8,744 USD 1.65%
Volume, 24h
3,497,717,274 USD
0.00%
Marketcap
153,922,072,217 USD
56%
Emission
84%

Related news

Chinese Bitcoin Mining Manufacturer To Go Public Nov. 20

China-based bitcoin mining maker Canaan Inc. is going public on the Nasdaq stock market on Nov. 20, a digital assets publication The Block reported on Monday.  What Happened The company filed for an IPO with the U.S. Securities and Exchange Commission (SEC) on Oct. 28. In the filing, Canaan said that it had applied to be listed on Nasdaq with the symbol “CAN.” New York-based Citigroup Inc (NYSE: C), Zurich-based Credit Suisse Group AG (NYSE: CS), ...Full story available on Benzinga.com
Benzinga

Is Chinese Bitcoin Mining Firm Canaan’s $400M IPO a Desperate Move?

Chinese bitcoin mining hardware maker, Canaan, plans to raise $400 million through public sale of its stocks. But will the IPO ride be smooth or bumpy?  Volatility is usual for bitcoin and crypto market participants. However, traditional stock market traders and investors are used to a bit more stability when it comes to their investments. The $400 Million Bitcoin Mining Firm IPO Canaan Creative is an Hangzhou-based firm, engaged in the business of manufacturing professional industry grade equipment required in large scale bitcoin and cryptocurrency mining activities. The Bitmain rival was originally supposed to conduct its first-ever public stock sale on the 28th of last month. But now fresh reports point out that Canaan Creative is set to go live with its big IPO day on November 20. The intended amount to be raised is a humongous $400 million, but there’s some ambiguity as to how the individual shares will be priced for buyers. Canaan’s stock listing on Nasdaq comes after the firm’s fair share of failed attempts to be listed on other stock exchanges in Hong Kong and mainland China. Rival Bitmain, which also faced a similar fate in Hong Kong, is said to have secretly filed a U.S. IPO as well, sponsored by Deutsche Bank. A Desperate IPO?   It seems Canaan has a boot load of debts to clear off its balance sheet. Additionally, the bitcoin mining manufacturer seems to be running out of funds for research, which is why after it approached Nasdaq in desperation. Many were found to be intrigued by this decision as US restrictions for small Chinese firms are quite large. As for the firm’s net revenue, it is definitely not at the top of its game. According to recent data, the company’s net registered revenue of around $137 million (959 mullion yuan), from 2019 beginning to September, was less than half of what it was during the same period in 2018. Even the bottom line sees a major loss, equal to around 223 million yuan. However, the mining equipment manufacturing firm itself is not completely responsible, as BTC price swings had a large impact, too. According to experts, a bitcoin price rebound might lift demands and allow Canaan to perform better. Also, recovery is also predicted due to a surge in prepayments to Taiwan’s TSMC, which is the firm’s official chipmaker. For now, it can only be said, that the IPO seems like a desperate move. What do you think about Canaan’s IPO plans? Let us know your thoughts in the comments below. Image via Shutterstock The post Is Chinese Bitcoin Mining Firm Canaan’s $400M IPO a Desperate Move? appeared first on Bitcoinist.com.
Bitcoinist

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.