The U.S. Securities and Exchange Commission (SEC) has postponed its decision on seven Bitcoin ETF applications, including one from Blackrock. The SEC will not come to a final decision on this matter until October.
In particular, decisions on applications made by Fidelity (Wise Origin), VanEck, WisdomTree, and Invesco through the Cboe BZX Exchange, as well as applications by Valkyrie Investments and BlackRock (iShares) through Nasdaq, and Bitwise through NYSE Arca have been delayed. While the decision for the majority has been postponed to October 17, Valkyrie’s is set for October 19 and Bitwise’s is on hold for October 16.
There is no clear information on whether the SEC will further postpone its decision when it comes to these dates in October. However, in the past, these companies’ Bitcoin ETF applications were rejected by the SEC. If the SEC also rejects the applications in October, it seems likely that these firms will restart the application process.
New Bitcoin ETF Applications Are Promising But Not Guaranteed
While the recent Bitcoin ETF applications and rule changes are seen as quite promising by market experts, there is still uncertainty about whether they will receive definite approval. Asset management giant BlackRock is among the companies drawing attention in this process. BlackRock’s success rate in previous ETF applications and its collaboration with Coinbase indicate that the company has an advantage in this process.
Many experts believe that if BlackRock’s application is approved, positive results can be obtained in similar applications. Additionally, Grayscale’s plan to list its GBTC fund on the exchange is boosting optimism in the industry. However, this does not directly affect whether Grayscale can offer a Bitcoin ETF.
Up to now, not a single Bitcoin ETF application has received a green light from the SEC. Therefore, despite the optimistic atmosphere in the market, the likelihood of the SEC approving any application by October seems low.