Nine ETF index propositions based on Bitcoin were rejected last month by the US Securities & Exchange Commission. These projects were launched by the GraniteShares, Direxion and ProShares transmitters. According to US authorities, the crypto-currency market is still too small to justify the creation of ETFs. But also these products lack confidence in their safety.
There is also a concern from the US Financial constable about the risks of manipulation and fraud. The SEC may change its mind in the future and decide to reconsider these ETF creation proposals. If the market tends to be democratized, this would be an important step in that direction. Rumors of the appearance of ETF had allowed Bitcoin to fly to $ 8,000 last July before falling back.
Direxion, founded in 1997, is specialized in non-traditional ETFs with $ 14.4 billion in assets under management. GraniteShares launched in 2016, it also focuses its activities on ETFs (based primarily on commodities), and manages $ 300 million. ProShares has been in ETFs since 2006, with 31 billion USD managed assets.