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Friday morning, the Securities and Trade 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 determination is scheduled for later this 12 months for November 11. If the SEC delays the appliance once more, it would go to its fourth and closing deadline on January 10, 2024.
The race for approval for a spot Bitcoin ETF in america gained big momentum earlier this 12 months when the worlds largest asset supervisor, BlackRock, filed for one in all 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 authorised and listed could show to be very important in its efficiency. Galaxy Digital CEO and billionaire Mike Novogratz mentioned in an earnings call earlier this week, “The information of each BlackRock submitting ETF and fairly frankly, Invesco plus Galaxy, we will combat like cats and canines to win market share there as soon as it will get authorised. It is a huge, huge deal.”
Earlier this 12 months on July 27, the SEC authorised a leveraged, 2x Bitcoin futures ETF, which leaves many scratching their heads as to how that’s secure for traders, 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. Courtroom of Appeals protesting precisely this.
Extra info on the spot Bitcoin ETF race could be discovered here.
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