Bitcoin Spot ETF Applications: First Deadline Approaching
The U.S. Securities and Exchange Commission (SEC) is expected to make a decision on whether to approve Bitcoin spot ETF applications in the coming months. The ARK 21shares Bitcoin ETF is likely to be the first to receive approval or denial, with the SEC’s first deadline set for August 8. However, this deadline may be delayed. Other ETF applications are expected to have deadlines in early September, with Blackrock’s application expected on September 2.
Under Six Months Remain
Several ETF applicants, including Bitwise, BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and Valkyrie, have filed their applications with the SEC. The SEC now has 45 days to review each application and make a decision to approve, deny, or delay. Delays can last up to 240 days. The ARK application is considered the most important to watch, as it was filed early and has a final approval deadline of January 10, 2024.
All Eyes on ARK Application
Following BlackRock’s filing in June, other ETF applicants have proposed similar products and are forming surveillance-sharing agreements with Coinbase. If one ETF is denied by the SEC, it is likely that the rest will be denied as well. The order of the applications is not significant, as the SEC can still deny or approve them collectively.
Hot Take
The approval of Bitcoin spot ETF applications in the U.S. is highly anticipated by the crypto community. If approved, these ETFs could provide easier access to Bitcoin investments for a broader range of investors. However, the SEC’s decision is uncertain, and delays are possible. The ARK 21shares Bitcoin ETF is the one to watch, as it will set a precedent for future applications.
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