Market players may feel disheartened as 2023 progresses without a Bitcoin ETF approval.
The ETF talk is almost over but a decision has yet to come; according to the latest developments last Friday, the U.S. Securities and Exchange Commission (SEC) extended the proceedings on the spot Bitcoin exchange-traded fund (ETF) filing of Ark Invest and 21Shares.
Cathie Wood’s Ark Invest reportedly applied for the spot ETF in collaboration with 21Shares ahead of BlackRock. The newest delay in August came after a previous delay in June, but this outcome was correctly predicted by industry figures and analysts.
Bitcoin ETFs Face Delays
The SEC has the authority to delay ETF applications for up to 240 days, which means ArkInvest’s pending spot Bitcoin ETF decision is expected to reach the verdict in January 2024. In other words, Bitcoin ETFs are unlikely to launch by the end of 2023.
While it doesn’t indicate a rejection, the delay adds more…
