Grayscale Investments, LLC, said that NYSE Arca has withdrawn the "Rule 19b‑4" application pending before the Securities and Exchange Commission seeking approval to list shares of the Bitcoin Investment Trust on NYSE Arca, Reuters reports.
“Although digital currency market regulation continues to rapidly evolve, at this time Grayscale does not believe there have been enough regulatory developments to prompt the SEC to approve the ... application,” the fund’s issuers said in a statement.
Earlier this year, the SEC rejected two similar applications for the exchange listing of digital currency products.
The Bitcoin Investment Trust is currently traded “over the counter” in less formal exchanges than those used for typical stock transactions and at far higher prices than the bitcoin it holds.
The shares are trading up 508% this year, more even than the meteoric rise of the digital currency.
Grayscale intends to continue its dialogue with the SEC and to closely monitor regulatory developments in order to be prepared to proceed with an exchange listing for the Bitcoin Investment Trust when conditions permit.