Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Final hours: unlock premium data with Claim 60% OFF
SEC defers decision on ARK 21Shares Bitcoin ETF for a third time
Editor
Published Sep 27, 2023 04:56
© Reuters
The U.S. Securities and Exchange Commission (SEC) has once again deferred its decision on the ARK 21Shares Bitcoin exchange-traded fund (ETF), according to documents posted on its website on Tuesday, September 26, 2023. This marks the third time the regulator has delayed its decision since ARK and 21Shares initially filed to launch the ETF in April 2023. The SEC now has until January 10, 2024, to make a final decision.
The delay came earlier than industry analysts were expecting. Technically, the SEC had until November 11, 2023, to approve, reject or delay a decision. Notably, other issuers including BlackRock Inc (NYSE:BLK). and Fidelity Investments are also awaiting the regulator's decision on their respective ETF proposals.
The filing recognized that Cboe BZX had proposed a rule change for the approval and listing of the ARK 21Shares Bitcoin ETF. The proposal was submitted on April 25, 2023, but was not published for comment in the Federal Register until May 15. The SEC then designated a longer approval period on June 15, extending the date by which it was required to issue an approval or rejection.
The regulator's deferral comes as several other Bitcoin ETFs await approval. The delays may provide an indication of the SEC’s future treatment of various other pending applications. Numerous asset management firms submitted similar filings for spot Bitcoin ETFs after BlackRock submitted its own application in mid-June.
ARK Invest CEO and CIO Cathie Wood had suggested in August that a delay from the SEC was likely but expressed an expectation that several funds would eventually be approved.
The SEC also postponed a decision on GlobalX’s Bitcoin ETF. In this case, the regulator must approve or disapprove the ETF, or initiate proceedings, by November 21, 2023. Despite both applications being filed by Cboe BZX, Global X’s ETF is unrelated to the ARK 21Shares ETF.
Meanwhile, various U.S. lawmakers have urged the SEC to approve a Bitcoin ETF in a letter addressed to chairman Gary Gensler and several commissioners. The price of Bitcoin remained largely unchanged at $26,150 as of 6 p.m. in New York on Tuesday.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.