The SEC on Friday extended the decision deadlines for four Bitcoin ETFs, including Global X Bitcoin Trust. The Securities and Exchange Commission (SEC) of the United States has extended the deadline for four Bitcoin exchange-traded funds (ETFs) by 45 days, citing the need for more time to determine whether to approve the 19b-4 applications.
Four Bitcoin (BTC) ETFs — Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF — have had their clearance dates pushed back to Nov. 21, Dec. 8, Dec. 11, and Dec. 24, respectively.
The SEC stated the following in their official statement:
“The Commission believes it is appropriate to set a longer deadline for taking action on the proposed rule change so that it has enough time to examine the proposal and any comments.”
Invesco, a New York-based financial company, teamed up with Galaxy Digital Funds to create a Bitcoin ETF named Invesco Galaxy in mid-September. The ETF security product, which is now pending clearance, has the potential to be listed on major US exchanges, with prospective customers guaranteed that all private keys would be carefully protected by a variety of technical and physical deterrents.
The SEC's announcement of the first Bitcoin EFT is generally anticipated to boost the asset's technical indicators as a flood of conventional investors joins the market. According to iShares, the overall value of global commodities exchange-traded products is $263 billion. This number does not include mutual funds, which may bring the entire value closer to $500 billion.
The SEC may approve a Bitcoin ETF by the end of October, according to Bloomberg ETF experts, with ProShares' Bitcoin futures ETF being the most probable contender. The duo also recommended that the regulatory body “allow several at once to avoid giving away the first-mover advantage.”
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