On Thursday, the US Securities and Exchange Commission (SEC) delayed its decision-making on the requests for bitcoin exchange-traded fund presented by the heavyweights of Wall Road Investco (IVZ), Fidelity Investments, Valkyrie, Bitwise, and Wisdomtree (WT), according to documents published on its website.
Bitcoin (BTC-US), which was already very down before the news, was discounted 4.9% at $ 25.9 thousand at 5:26 pm ET. That was before the Token rose to $ 27,900 on Tuesday, when the judges annulled a decision of SEC to prevent Grayscale Investments from converting its bitcoin trust (OTC: GBTC) into an ETF that directly invests in Bitcoin (BTC- USD).
Cryptocurrency defenders have argued that an ETF from BTC in cash would save investors the difficulties of buying the underlying token directly and at the same time allow a greater investment of the participants of the retail market in space. The co-founder of Fundstrat Worldwide Advisors, Tom Lee, predicted earlier this month that Bitcoin (BTC-USD) could increase to $ 150,000 if said product is approved.
The new deadline for SEC to address Bitwise’s application ends on Friday. The regulator must comment on the proposal of Wisdomtree (WT) before October 17 and that of Valkyrie on October 19.
On August 11, SEC expanded the decision on whether to approve the ETF Al Cash BTC proposed by Ark Investment Management.
The SEC Delays These Three Bitcoin ETF Spot Applications until October
The US Securities and Exchange Commission (SEC) announced its delay in three Exchange-Traced Fund (ETF) Bitcoin Spot (Cash) of Valkyrie, Investco, and Wisdomtree. The decision was delayed at least 45 days, and in that period, SEC could extend the deadline up to 90 days.
While the regulator has never approved or allowed such a product to reach the market, the truth is that the SEC has never rejected or discarded an ETF to Blackrock. In addition, the regulator did not offer arguments, only “considered appropriate to designate a longer term.”
SEC Did Not Explain Reasons to Postpone the Bitcoin ETF Location
Valkyrie, Invesco, and Wisdomtree are some of the Bitcoin ETCs Locations. SEC detailed in its document that it “needs more time” to consider the ETF and on October 17 “will approve or disapprove” the ETF proposals.
Meanwhile, SEC will closely address Blackrock’s ETF Spot proposals from Blackrock, Fidelity, Bitwise, and Vaneck. Let us see this recent list of all Bitcoin ETF requests in cash:
• Ark 21Shares Bitcoin ETF (ARKB) by 21Shares and Ark.
• Ishares Bitcoin Belief of Blackrock.
• Bitcoin Bitle Bitle bit ETP Trust Bitwise.
• Vaneck Bitcoin Bitcoin Trust by Vaneck.
• Wisdomtree Bitcoin Trust (BTCW) by Wisdomtree.
• Invesco Galaxy Bitcoin ETF of Invest & Galaxy.
• Clever Origin Bitcoin Have Faith in by Fidelity.
• Valkcoin Valkcoin Fund (BRR) of Valkyrie.
On August 29, Grayscale Investments LLC won its case against SEC for the blockade imposed by it on the Bitcoin ETFs. Now the application returns to the commission and the possibility that this ETF is approved increases.
In addition, three United States judges reviewed the DEC decision of blocking the Bitcoin ETF market and decided to give the reason to Grayscale, reversing the blockade imposed by the Commission. This decision opened the door for the crypto market fights to approve a Bitcoin ETF.
Experts Believe that SEC Will Postpone the Bitcoin ETF Place Until 2024
For experts, SEC “will take your time” to approve the Bitcoin ETF Spot by the end of the year, or even for the first quarter of 2024, a date that I agree with the next Bitcoin halving. Bloomberg opted that the SEC would test the Bitcoin ETF in cash by up to 75%, against 65% of those who estimate that it will be until next year.
For analysts, if Bitcoin’s ETFs do not launch this year, the pair has a 95% certainty that it will happen in late 2024. However, the victory and Grayscale hints at a six-digit bitcoin price in the near future.
By Leonardo Pérez
