SEC Delays ARK Invest And 21 Shares Spot Bitcoin ETF Application

Friday morning, the Securities and Exchange Commission (SEC) solicited comments connected 21 Shares and Cathie Wood's ARK Invest's spot Bitcoin exchange-traded money (ETF) application, further delaying the process.

This is the 2nd hold successful the listing process for this ETF, with the archetypal hold happening earlier this year. The 3rd deadline for the SEC's determination is scheduled for later this year for November 11. If the SEC delays the exertion again, it volition spell to its 4th and last deadline connected January 10, 2024. 

The contention for support for a spot Bitcoin ETF successful the United States gained immense momentum earlier this twelvemonth erstwhile the worlds largest plus manager, BlackRock, filed for 1 of their own. After that, large institutions including Fidelity, VanEck and WisdomTree among others, piled successful and filed for their ain spot Bitcoin ETFs.  

The archetypal mover vantage of being the archetypal to person its Bitcoin ETF approved and listed whitethorn beryllium to beryllium captious successful its performance. Galaxy Digital CEO and billionaire Mike Novogratz said successful an earnings call earlier this week, "The quality of some BlackRock filing ETF and rather frankly, Invesco positive Galaxy, we're going to combat similar cats and dogs to triumph marketplace stock determination erstwhile it gets approved. It's a big, large deal."

Earlier this twelvemonth connected July 27, the SEC approved a leveraged, 2x Bitcoin futures ETF, which leaves galore scratching their heads arsenic to however that is harmless for investors, but not a spot ETF. Grayscale, who is presently successful a ineligible conflict with the SEC implicit the denial of its spot Bitcoin ETF application, sent a missive to the U.S. Court of Appeals protesting precisely this. 

More accusation connected the spot Bitcoin ETF contention tin beryllium recovered here.