On the back of the astounding SEC’s decision, at the last hour, of the last Friday afternoon, is way over budget and could not be any more behind schedule.

The US Securities and Exchange commission on last weekend declined of a request to list what would have been the first U.S. exchange-traded fund built to track bitcoin, the digital currency.

So, what’s up next for now? Do we have any alternatives?

Multi-national corporations that have their FX exposures would often involve in hedging fluctuations in currency price, bitcoin is no exception for this and hedging here in this streamline is nothing new, of course. Where there is volatility, the essence of derivatives contracts to reduce risk would be in place.

The bitcoin-backed ETNs (Exchange-Traded Notes) have been given green signal back in 2015 in Sweden and a Bitcoin ETIs (Exchange-Traded Instrument) were officially approved last summer in Gibraltar. 

In what represents the latest approved traditionally traded Bitcoin-backed financial instrument, the Bitcoin ETI enabled individuals to invest in an institutional instrument representative of the digital currency.

“Bitcoin ETIs”, are an asset-backed ETI tied to Bitcoin, trades under the ticket BTCETI. Gibraltar approved the Bitcoin exchange-traded instrument Bitcoin ETI for the Gibraltar Stock Exchange, and the instrument was also approved for Germany’s Deutsche Borse.

An exchange traded instrument (ETI) is an asset-backed security. Its value, in this case, is related to Bitcoin’s value. ETI’s are used to re-arrange the value of a Special Investment Vehicle (SIV) into an EU Transferable Security.

Alan Silbert’s Bitcoin Investment Fund (BIT) was launched first as a private fund but has since ceased issuing shares under this model. It received approval in 2015 from the OTC Markets Group’s OTCQX.

BIT represented the first product from Mr. Silbert’s Grayscale Investments, a digital assets management firm. Each share of BIT is worth 1/10th of a Bitcoin.