SEC Rejects VanEck ETF Investing Directly In Bitcoin

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By Elise Hansen (November 12, 2021, 6:00 PM EST) — The U.S. Securities and Exchange Commission on Friday rejected asset manager VanEck’s effort to launch an exchange-traded fund that invests directly in bitcoin, despite approving ETFs for futures-based bitcoin products last month.

The agency rejected a request to list and trade shares of the VanEck Bitcoin Trust on the Cboe BZX Exchange Inc. after delaying its decision several times. The trust would have held bitcoin and valued its shares daily based on a bitcoin benchmark rate, according to its prospectus.

The SEC has repeatedly rejected efforts to launch a bitcoin ETF, but it recently allowed several ETFs that invest in bitcoin…