The SEC extended the decision deadline for four Bitcoin ETFs, including Global X Bitcoin Trust, on Friday.
The Securities and Exchange Commission of the United States extended the deadline for four Bitcoin exchange-traded funds (ETFs) by 45 days on Friday, citing the need for additional time to consider whether to approve the 19b-4 applications.
Four Bitcoin (BTC) exchange-traded funds — Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Krypto in Bitcoin ETF — have been rescheduled for approval on Nov. 21, Dec. 8, Dec. 11, and Dec. 24, respectively. The SEC stated in its formal statement:
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments.”
In mid-September, Invesco, a New York-based financial business, partnered with Galaxy Digital Funds to file for a Bitcoin exchange-traded fund called Invesco Galaxy. The ETF security solution, which is now seeking clearance, has the potential to be listed on national US exchanges, with potential clients assured that all private keys will be strictly protected by a variety of technological and physical deterrents.
The SEC’s approval of the first Bitcoin EFT is largely expected to boost the asset’s technical indicators as a flood of traditional investors enters the market. According to iShares data, the entire value of global commodities exchange-traded products is $263 billion, which excludes all mutual funds, which may push the total value closer to $500 billion.
Bloomberg ETF analysts recently predicted that the SEC could approve a Bitcoin exchange-traded fund (ETF) by the end of October, citing ProShares’ Bitcoin futures ETF as the most likely contender. Additionally, the pair recommended that the regulating agency “permit several concurrently to prevent awarding the first-mover advantage.”
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