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Friday morning, the Securities and Change Fee (SEC) solicited comments on 21 Shares and Cathie Wooden’s ARK Make investments’s spot Bitcoin exchange-traded fund (ETF) utility, additional delaying the method.
That is the second delay within the itemizing course of for this ETF, with the primary delay occurring earlier this 12 months. The third deadline for the SEC’s choice is scheduled for later this 12 months for November 11. If the SEC delays the applying once more, it’ll go to its fourth and remaining deadline on January 10, 2024.
The race for approval for a spot Bitcoin ETF in the US gained large momentum earlier this 12 months when the worlds largest asset supervisor, BlackRock, filed for one in every 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 accredited and listed could show to be very important in its efficiency. Galaxy Digital CEO and billionaire Mike Novogratz stated in an earnings call earlier this week, “The information of each BlackRock submitting ETF and fairly frankly, Invesco plus Galaxy, we will struggle like cats and canines to win market share there as soon as it will get accredited. It is a huge, huge deal.”
Earlier this 12 months on July 27, the SEC accredited a leveraged, 2x Bitcoin futures ETF, which leaves many scratching their heads as to how that’s protected for buyers, however not a spot ETF. Grayscale, who’s presently in a authorized battle with the SEC over the denial of its spot Bitcoin ETF utility, despatched a letter to the U.S. Court docket of Appeals protesting precisely this.
Extra data on the spot Bitcoin ETF race may be discovered here.
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