The SEC has previously rejected attempts by the Winklevoss twins to get a Bitcoin ETF approved, despite repeat appeals and pressure from the industry.
In fact, just last week (Thursday, July 26), the twins (pictured below) had their ETF product rejected by the SEC for the second time; the price of Bitcoin slid shortly thereafter, accordingly.
ETF denial fueled Bitcoin's downswing
Indeed, Bitcoin’s late July decline correlated with the news, revealed by public SEC documents, that the agency had once again denied an application, filed by Cameron and Tyler Winklevoss, to launch an exchange-traded fund (ETF) product that tracks the price of Bitcoin.
The twins are prominent figures in the space having invested heavily in cryptos and subsequently founded cryptocurrency exchange Gemini (and also successfully sued Mark Zuckerberg for hundreds of millions of dollars over intellectual property relating to the founding of Facebook – but that’s another story).
This fresh denial cast further doubt on whether the agency will be willing to approve any other pending cryptocurrency ETF applications that are currently undergoing review by SEC officials, though Hassan (picture below with fellow cofounders Christopher Matta and Michael Kazley) remains confident.
“We do think that a product is coming soon,” he said. “Perhaps, in the next 18 months, we’ll see a Bitcoin-only ETF.”
About Crescent Crypto
“The Crescent 20 Private Index Fund seeks to replicate the performance of the largest cap, and most liquid cryptocurrencies in the world.
The index covers approximately 90% of the market cap of the entire crypto- universe, and is rebalanced regularly.
Over the last 12 months, the Crescent 20 Model Portfolio had higher returns, lower volatility, and a higher Sharpe Ratio than Bitcoin alone.”
Hassan’s interview with Bloomberg concluded with him being asked about the future of Bitcoin markets.
To which he replied: “To the moon.”
See below for Crescent Crypto holdings: