US SEC Rejects SkyBridge’s Bitcoin ETF Application, Here’s Why
Summary
- SkyBridge Capital's First Trust-SkyBridge’s BTC ETF Trust application has been declared abandoned by the SEC due to non-compliance with regulatory requirements. - The rejection of the ETF application has led to significant outflows for Grayscale Bitcoin Trust ETF (GBTC), with approximately $10.553 billion in cumulative outflows, ranking second in ETF outflows over the past 15 years. - Notable companies experiencing substantial outflows include EEM, GLD, MDY, and USO.
