The Securities and Exchange Commission (SEC) has extended by 45 days the deadline for four Bitcoin exchange-traded funds (ETFs), citing the need for more time to consider whether to approve them.
The approval of four Bitcoin ETFs Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF has been rescheduled until November 21st, December 8th, December 11th, and December 24th, respectively.
The SEC outlined the following in their official statement:
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments.”
Invesco, a New York-based financial business, teamed up with Galaxy Digital Funds to register a Bitcoin ETF dubbed Invesco Galaxy in mid-September.
The ETF security solution, which is now pending clearance, has the potential to be listed on national US exchanges, with potential clients assured that all private keys would be strictly protected by a variety of technological and physical deterrents.
The SEC’s announcement of the first Bitcoin EFT is largely predicted to boost the asset’s technical indicators as a flood of traditional investors enters the market.
According to iShares, the entire value of global commodities exchange-traded products is $263 billion, but this figure does not include mutual funds, which could bring the total value closer to $500 billion.
The SEC could approve a Bitcoin ETF by the end of October, according to Bloomberg ETF analysts, with ProShares’ Bitcoin futures ETF being the most likely candidate. The duo also recommended that the regulating body “allow several at once to avoid giving out the first-mover advantage.”