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Friday morning, the Securities and Change Fee (SEC) solicited comments on 21 Shares and Cathie Wooden’s ARK Make investments’s spot Bitcoin exchange-traded fund (ETF) software, 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 choice is scheduled for later this 12 months for November 11. If the SEC delays the appliance once more, it can go to its fourth and closing deadline on January 10, 2024.
The race for approval for a spot Bitcoin ETF in the USA gained enormous momentum earlier this 12 months when the worlds largest asset supervisor, BlackRock, filed for certainly one of their very own. After that, massive 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 accredited and listed might show to be very important in its efficiency. Galaxy Digital CEO and billionaire Mike Novogratz stated in an earnings call earlier this week, “The information of each BlackRock submitting ETF and fairly frankly, Invesco plus Galaxy, we’ll battle like cats and canines to win market share there as soon as it will get accredited. It is a massive, massive deal.”
Earlier this 12 months on July 27, the SEC accredited 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 at the moment in a authorized battle with the SEC over the denial of its spot Bitcoin ETF software, despatched a letter to the U.S. Court docket of Appeals protesting precisely this.
Extra info on the spot Bitcoin ETF race will be discovered here.
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