The Securities and Exchange Commission extended Fridays deadline for four Bitcoin exchange-traded fund (ETF) applications by 45 days. This was due to the need for additional time to determine whether or not to accept 19b-4 applications.
The approvals of four Bitcoin ETFs, Global X Bitcoin Trust (Valkyrie XBTO Bitcoin Futures Fund), WisdomTree Bitcoin Trust, and Global X Bitcoin Trust were rescheduled at the following dates: Nov. 21, Dec. 8, Dec. 11, Dec. 24, and Dec. 24th.
The SEC stated in an official statement:
“The Commission considers it appropriate to give the Commission a longer time frame to act on the rule change proposed. This will allow it sufficient time to review the rule change and to respond to any comments.
Invesco, a US-based investment company, joined with Galaxy Digital Funds in New York to create a Bitcoin ETF named Invesco Galaxy. The ETF security offering is currently awaiting approval. Potential clients are assured that their private keys will be protected by numerous technological and physical deterrents.
Related: Three reasons why approval of a Bitcoin ETF will make a big difference for the BTC price
The introduction of the first Bitcoin EFT from the SEC is widely anticipated to raise the assets technical indicators, as traditional investors flood the market. Data from iShares shows that global commodities exchange-traded products have a total value of $263 billion. However, this number does not include all mutual funds that could reach $500 billion.
Bloomberg ETF analysts predicted recently that the SEC would approve a Bitcoin ETF before the end of October. ProShares Bitcoin futures ETF was cited as the most likely candidate. They also suggested that regulators should allow multiple ETFs at once to avoid giving the first-mover advantage.