August 23, 2018 / 1:26 AM / 3 months ago

SEC rejects nine proposals for bitcoin ETFs

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, U.S., June 24, 2011. REUTERS/Jonathan Ernst/File Photo

(Reuters) - The U.S. Securities and Exchange Commission (SEC) on Wednesday rejected applications for nine bitcoin-based exchange-traded funds (ETF) from three separate companies.

ETF provider Direxion proposed to list and trade five bitcoin ETFs, while GraniteShares and ProShare presented two each, all of which were rejected by the SEC. (bit.ly/2BC9PA9) (bit.ly/2LfDyP6)

Bitcoin BTC=BTSP was trading up 1.07 pct at $6422.99on Luxembourg-based Bitstamp exchange at 0058 GMT on Wednesday. 

Reporting by Nikhil Subba in Bengaluru

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