Today, the US Securities and Exchange Commission (SEC) announced a delay in making a decision on one of the several spot Bitcoin exchange-traded funds (ETFs) before them. Despite allowing multiple futures-based ETFs, the SEC has yet to approve a spot Bitcoin ETF for the US market.
The exuberance that had come with the news that global asset management and investment behemoths BlackRock and Fidelity had filed proposals to offer spot Bitcoin ETFs for the US market has largely been replaced with muted disappointment with the SEC requesting for more public input.
Bloomberg ETFs expert James Seyffart had highlighted that the market had largely priced in the delay. This was the expectation, as has been the case with previous applications. The regulator’s consideration for the Ark Invest ETF will now encompass further comments and review for up to 60 days. A decision could come much later in the year, with the third deadline for the Ark ETF in the second week of November and the final deadline in January 2024.
The first deadline for the applications by BlackRock, Fidelity, Invesco, Valkyrie, Bitwise and WisdomTree is early next month. However, it is also expected to be pushed back. According to Ark Invest CEO Cathie Wood, the SEC may decide to approve more than one Bitcoin ETF all at once.
