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The Securities and Exchange Commission (SEC) has instructed First Trust-SkyBridge to declare their Bitcoin ETF application as abandoned. First Trust was among the earliest to apply for a BTC ETF but faced rejection by the SEC in January 2022.
Initially filed in March 2021, the application by First Trust and SkyBridge for a Bitcoin ETF was unsuccessful, and the firms opted not to reapply for the ETF.
First Trust Advisors and SkyBridge Capital, led by Anthony Scaramucci, the former White House Communications Director and digital assets investor during the Trump era, have been directed by the SEC to classify their Bitcoin ETF application as abandoned. According to the SEC’s notice published on Wednesday, the registration statement must be abandoned as the First Trust SkyBridge Bitcoin ETF failed to respond to previous communications from the Commission.
While First Trust and SkyBridge originally submitted their Bitcoin ETF application in March 2021, along with several others, it was rejected in January 2022. Despite the approval of BlackRock’s Bitcoin ETF application by the SEC, which followed revisions, the two firms chose not to reapply.
Eric Balchunas, an ETF analyst at Bloomberg, expressed uncertainty about why First Trust and SkyBridge did not submit a new application following the success of BlackRock’s application.
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