In Yet Another Delay SEC Pushes Spot BTC ETF Decision To Jan 27

A spot Bitcoin ETF jointly created by Cathie Wood’s ARK, and a Swiss investment-products issuer 21Shares already made several attempts to launch a spot BTC fund in the US. So far, the Securities and Exchange Commission has been consistently either delaying making a decision or rejecting the proposal.

Image courtesy of 123rf. via The Tokenist

This Tuesday, the Commission decided to postpone its ruling once again. According to the new deadline, the SEC is to make a decision on ARK 21Shares Bitcoin ETF on January 27th, 2023. If approved, the fund will be listed and traded on Cboe Global Markets (CBOE.Z).

While the first Bitcoin ETF in the US was launched and reached a $1 billion valuation already in 2021, the SEC has yet to approve a spot BTC ETF in the country. Unlike the funds currently available, a spot ETF would be traded based on the actual prices—and not derivatives like futures, for example—and would be listed on a standard securities exchange.

Bitcoin ETFs Throughout 2022

ARK and 21Shares aren’t the only companies to try and have a spot BTC ETF listed in the United States in 2021. Other high-profile attempts were made this year by WisdomTree, One River, and Greyscale. Every proposal so far has been rejected and the current attempt by ARK and 21Shares is their second one this year.

The Commission struck down One River’s proposal in May, WisdomTree’s in October, and Greyscale’s in late June. Outside the United States, several spot Bitcoin exchange-traded funds have been launched most notably in Canada and Australia. In November 2022 Galaxy moved to launch a BTC fund in Brazil.

2022 also saw some already extant Bitcoin exchange-traded funds go down. Early in October, Valkyrie announced its plan to liquidate its ETF by the end of the month. Even more recently, it was reported that Australia’s oldest BTC ETF would be delisted in the near future.

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Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or ...

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