Friday morning, the Securities and Trade Fee (SEC) solicited comments on 21 Shares and Cathie Wooden’s ARK Make investments’s spot Bitcoin exchange-traded fund (ETF) software, additional delaying the method.
That is the second delay within the itemizing course of for this ETF, with the primary delay taking place earlier this yr. The third deadline for the SEC’s choice is scheduled for later this yr for November 11. If the SEC delays the applying once more, it can go to its fourth and closing deadline on January 10, 2024.
The race for approval for a spot Bitcoin ETF in the US gained big momentum earlier this yr when the worlds largest asset supervisor, BlackRock, filed for certainly one of their very own. After that, huge establishments together with Constancy, VanEck and WisdomTree amongst others, piled in and filed for their very own spot Bitcoin ETFs.
The primary mover benefit of being the primary to have its Bitcoin ETF authorized and listed might show to be very important in its efficiency. Galaxy Digital CEO and billionaire Mike Novogratz mentioned in an earnings call earlier this week, “The information of each BlackRock submitting ETF and fairly frankly, Invesco plus Galaxy, we’ll combat like cats and canine to win market share there as soon as it will get authorized. It is a huge, huge deal.”
Earlier this yr on July 27, the SEC authorized a leveraged, 2x Bitcoin futures ETF, which leaves many scratching their heads as to how that’s protected for traders, however not a spot ETF. Grayscale, who’s at the moment in a authorized battle with the SEC over the denial of its spot Bitcoin ETF software, despatched a letter to the U.S. Courtroom of Appeals protesting precisely this.
Extra info on the spot Bitcoin ETF race will be discovered here.
