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SEC rejects nine proposals for bitcoin ETFs

(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. (https://bit.ly/2BC9PA9) (https://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)