U.S. SEC requires First Trust SkyBridge Capital Bitcoin ETF to announce abandonment of its application

Eric Balchunas, a senior analyst at Bloomberg ETF, posted on the X platform that the US SEC ordered First Trust SkyBridge Bitcoin ETF Trust to announce that its application had been "abandoned" on Tuesday. Balchunas said it is not clear why the company did not re-enter the competition for BTC spot ETFs. If the ETF is launched, it may increase the flow of funds by 15%.

According to the document, First Trust SkyBridge Biteoin ETF Trust had submitted a registration statement for securities registration under Section 6(a) of the Securities Act of 1933 to the SEC. The registration statement has been filed for more than 9 months but has not yet become effective. First Trust SkyBridge Bitcoin ETF Trust failed to respond to the notice under Rule 479, which states that the registration statement will be declared abandoned unless it is timely amended or withdrawn. Therefore, the SEC ordered it to announce the abandonment of the registration statement on March 12, 2024.