The SEC has extended the deadline for the decision on ARK Invest and 21Shares spot Bitcoin ETF application.
The United States Securities and Exchange Commission (SEC) has extended the deadline for the decision on ARK Invest's application for a Bitcoin Spot Exchange Traded Fund (ETF).
The deadline for the SEC's decision was initially set for August 13, with the crypto industry eagerly awaiting the SEC's thumbs up or thumbs down, as this ruling could have significant implications for the crypto industry, particularly the institutional adoption of Bitcoin.
The ARK Invest and 21Shares spot Bitcoin ETF was the first in line after they filed with the SEC on June 28, 2021. However, it recently made amendments to its filing after BlackRock, the world’s largest asset manager, also filed for a spot Bitcoin ETF. The most notable change was the introduction of a “surveillance sharing agreement” with an exchange. BlackRock’s Bitcoin ETF was formally added to the Federal Register on July 19 for review, with other firms’ ETF applications following suit shortly thereafter.
Bloomberg Intelligence analysts James Seyffart and Eric Balchunas have increased their approval odds for a Bitcoin spot ETF to 65% based on recent industry developments.
According to Seyffart and Balchunas, the revised forecast is influenced by the SEC chair Gary Gensler's downplaying of his role at the SEC, the commission's implied support of Coinbase, Grayscale's attempt to minimize other filings, and the SEC's defeat in the Grayscale case before the same judges.
Cathie Wood, the CEO and CIO of ARK Investment Management, previously expressed that she expects a delay in the SEC's decision. However, she believes that if the SEC approves a Bitcoin spot ETF, it will likely approve more than one at once. ARK Invest has amended its spot Bitcoin ETF application, making it similar to BlackRock's recent filing.
Meanwhile, numerous institutions are seeking to launch ETFs based on Ethereum Futures. Volatility Shares Ether Strategy ETF submitted the initial application to the SEC on July 28, with other firms like Grayscale Ethereum Futures ETF, ProShares Short Ether Strategy ETF, VanEck Ether Strategy ETF, Roundhill Ether Strategy ETF and Bitwise Ethereum Strategy ETF following suit. The SEC has rejected all past applications for Ethereum Futures ETF.
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