So What’s The Latest Situation in Bitcoin Spot ETF Application?

SEC, Delayed Two Bitcoin ETF Decisions Again!

HashDex applied to convert its Bitcoin futures ETF to a HashDex Spot Bitcoin ETF in September 2023,

After reports in the media suggesting that the SEC may not have examined the initial paperwork thoroughly, Fidelity reapplied for Wise Origin Bitcoin Trust at the end of June.

BlackRock applied for the iShares Bitcoin Trust in June 2023. If approved, this trust will trade on Nasdaq with Coinbase Custody as the crypto custodian and BNY Mellon as the cash custodian.

Grayscale Investments is in the process of converting its spot Grayscale Bitcoin Trust (GBTC.PK) to an ETF. Last August, a federal appeals court decided that the SEC’s rejection of Grayscale’s application to form a spot BTC exchange traded fund was incorrect.

Ark Invest and 21Shares resubmitted the documents for their ARK 21Shares Bitcoin ETF. After the regulator refused the initial prospectus for not meeting fraud and market manipulation prevention requirements on 28 June.

After two previous rejections, WisdomTree submitted a new approval application for the WisdomTree Bitcoin Trust on 20 June.

Valkyrie Digital Assets applied to the SEC to launch the Valkyrie Bitcoin Fund under the acronym BRRR on 21 June.

Invesco and Galaxy Digital reactivated their application for Invesco Galaxy Bitcoin ETF, which they applied for in September 2021.

Finally, Swiss asset management company Pando Asset joined the growing list of companies applying for a Bitcoin Spot ETF.

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The SEC, in its statement following this decision, stated that “The Commission finds it appropriate to set a longer period in order to have sufficient time to assess the proposed changes and any problems that may arise in relation to this.” In addition, ARK21Shares and VanEck have also postponed their ETF applications by the SEC.

Evaluation process for ETF applications should be completed within a maximum of 240 days from the date of entry to the Federal Register.

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Therefore, the SEC could postpone a decision on current applications until the end of 2024. Additionally, considering additional requests for public feedback, there is a chance that they might further delay this decision.

Typically, the SEC can delay decisions by fully using the 240-day period. Therefore, decisions on ETF applications from companies like BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets are expecting to be take by mid-October.

This postponement process leads to a waiting period among investors and companies while allowing for a more detailed examination of applications. While waiting for the results of ETF applications, we will be closely monitoring the upcoming months to see how financial markets will react to these developments.

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The post SEC postpones ARK21Shares and VanEck ETF Applications! appeared first on Coin Engineer.