Bitcoin ETF Deadlines: What to Expect from Blackrock and Others
In recent weeks, the topic of Bitcoin exchange-traded funds (ETFs) has been making waves in the world of cryptocurrency, ever since Blackrock filed its spot ETF application on June 16. The approval of such a fund would lead to accelerated adoption of bitcoin and a flood of capital entering the sector. Blackrock, the largest financial institution in the world, is not the only one to have filed an application. Numerous other investment funds have (re)submitted their BTC ETF applications.
The US Securities and Exchange Commission (SEC) will now review the various ETF applications. Each application has its own deadlines, which the SEC must adhere to. In this article, we will take a look at the applications on the schedule and the deadlines to watch out for.
BTC Fund by ARK First in Line
The first deadline we can mark on the calendar is for the bitcoin ETF by ARK 21shares. In the past, the SEC rejected a bitcoin ETF from ARK. However, with some adjustments and riding on the momentum of Blackrock, ARK may have better luck this time. The initial deadline for this ETF is August 8. However, the SEC has the ability to extend this deadline, which would not be surprising considering the commission’s track record.
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Most of the other deadlines, including Blackrock’s, are set for September. Officially, the SEC has 45 days to make a decision. However, this timeframe can be extended up to 240 days. If the SEC chooses to extend the decision-making process, we will not hear the final decisions until the first two months of 2024.
Eyes on Blackrock’s Bitcoin ETF
As mentioned earlier, most eyes are on Blackrock’s application. After all, it is the largest investment fund in the world. Following Blackrock’s filing, almost all other funds followed suit with a similar setup to Blackrock’s. If one application is rejected, it is safe to assume that all other applications will meet the same fate.
However, there has been intense speculation in recent weeks that the ETF is highly likely to be approved. Given Blackrock’s stature, it appears to be the frontrunner. But we will have to wait for the final decision. The chance of the SEC making a definitive ruling in September is small.