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- SEC has postponed the decision-making on the approval of Blackrock’s spot Bitcoin ETF application
- The next update on the application would follow in October 2023
The United States Securities and Exchanges Commission [SEC] has delayed making a decision on Blackrock’s spot Bitcoin Exchange Traded Fund [ETF] application. The company is the latest in the line of delays announced today. And, with this move, Blackrock would now have to wait till October 2023 for the SEC to reach a decision.
The investment management giant applied for a spot Bitcoin ETF on June 15, with Coinbase onboarded to the plan as its custodian. The company was among the first ones to apply for a spot Bitcoin ETF this year, followed by other firms Moreover, the firm’s CEO – Larry Fink – claimed that a spot Bitcoin ETF would “democratize” crypto.
Notably, the Securities Commission announced that it has delayed making a verdict on other spot Bitcoin ETF applications. This includes Fidelity Wise Origin Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Valkyrie Bitcoin fund, VanEck Bitcoin Trust, and WisdomTree Bitcoin Trust.
The story is still developing…