The Securities and Exchange Commission further delayed its review of applications from BlackRock Inc., Invesco Ltd. and others seeking to list the first Bitcoin exchange-traded fund in the U.S.
The regulator, whose three-part mandate includes investor protection, also postponed decisions on applications from Bitwise and Valkyrie, according to documents posted to its website.
The delays come even though the SEC had until mid-October to weigh in on the applications. Regulators earlier this week had postponed a decision on a similar application from 21Shares and Cathie Wood’s Ark Investment Management.
Industry watchers are closely monitoring the race for a U.S. spot Bitcoin ETF, given the winner is expected to enjoy a significant first-mover advantage. At least 10 firms currently have applications pending with the SEC, according to a tally from Bloomberg Intelligence. The ETFs would be physically backed by the largest virtual currency.
The SEC had already postponed decisions on applications from BlackRock, Invesco, Bitwise and Valkyrie in August. It has also denied numerous past applications, citing scams and market manipulation among reasons as to why such ETFs shouldn’t trade in the U.S.
But a recent legal victory in federal court by Grayscale Investments, another firm seeking to debut a Bitcoin ETF, has fueled speculation among market watchers that such a structure would soon be approved.
Bitcoin, the largest cryptocurrency, on Thursday traded around $27,000. It hit a record high of around $69,000 in 2021.
Wealth arm thrives despite market headwinds.
Markets digest latest words on trade war, Fed chair’s position.
More advisors are using subscription models for financial planning services.
From Powell to China, president eases back rhetoric.
And profit guidance is set to weaken further in coming quarters.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
