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SEC Halts Trading in First Bitcoin Capital Shares

The Securities and Exchange Commission on Thursday temporarily suspended trading in shares of First Bitcoin Capital Corp. because of concerns about the accuracy and adequacy of public information on the Canadian company.

The concerns relate to the value of the company’s assets and its capital structure, the SEC said in a statement.

“The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company,” said the statement.

First Bitcoin last traded at $1.79. The stock had run up 6,072% in 2017 through Wednesday, and is up 43% in the past week. It is up a staggering 24,421% in the last 12 months. The S&P 500(SPX)has gained 9% in 2017.

Trading overall has been rocky lately as the industry tackles scaling issues, which are intended to increase transaction sizes in the blockchain network. Traditional bitcoin participants have coalesced around a new protocol known as Segregated Witness, or SegWit, which they believe solves bitcoin’s scaling issue.

The suspension was scheduled to be terminated at 11:59 a.m. on Sept. 7, according to the SEC.

Read more at Marketwatch

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