Friday early morning, the Securities and Exchange Commission (SEC) obtained comments on 21 Shares and Cathie Wood’s ARK Invest’s spot Bitcoin exchange-traded fund (ETF) application, additional postponing the procedure.
This is the 2nd hold-up in the listing procedure for this ETF, with the very first hold-up taking place previously this year. The 3rd due date for the SEC’s choice is arranged for later on this year for November 11. If the SEC delays the application once again, it will go to its 4th and last due date on January 10, 2024.
The race for approval for a spot Bitcoin ETF in the United States acquired substantial momentum previously this year when the worlds biggest property supervisor, BlackRock, declared among their own. After that, huge organizations consisting of Fidelity, VanEck and WisdomTree to name a few, stacked in and declared their own spot Bitcoin ETFs.
The very first mover benefit of being the very first to have its Bitcoin ETF authorized and noted might show to be crucial in its efficiency. Galaxy Digital CEO and billionaire Mike Novogratz stated in an incomes call previously today, “The news of both BlackRock filing ETF and quite frankly, Invesco plus Galaxy, we’re going to fight like cats and dogs to win market share there once it gets approved. It’s a big, big deal.”
Earlier this year on July 27, the SEC authorized a leveraged, 2x Bitcoin futures ETF, which leaves numerous scratching their heads regarding how that is safe for financiers, however not a spot ETF. Grayscale, who is presently in a legal fight with the SEC over the rejection of its spot Bitcoin ETF application, sent out a letter to the U.S. Court of Appeals objecting precisely this.
More details on the spot Bitcoin ETF race can be discovered here.
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