The U.S. Securities and Exchange Commission (SEC) has recently delayed the spot Bitcoin ETF filings from Blackrock and Bitwise, following an early decision on the ARK Invest 21Shares spot Bitcoin ETF filing. This development has raised concerns about the likelihood of a spot Bitcoin ETF approval in 2023.

Blackrock, being a dominant investment manager across various sectors in the United States and beyond, was expected by the crypto community and financial analysts to receive the ETF approval relatively quickly. However, with the delay in Blackrock’s filing, three out of the total seven filings have now received a response from the SEC.

The agency’s update stated that they are instituting proceedings to determine whether to approve or disapprove the proposed rule change to list and trade shares of the iShares Bitcoin Trust.

Earlier, it was reported that the ARK Invest 21Shares filing also faced a delay, as the SEC requested more time to review the proposed rule change. This decision by the SEC has accelerated the timeline, as the response from ARK was originally due on November 11, 2023. Additionally, Franklin Templeton, another asset management firm, has recently filed an application for a spot ETF.

In the midst of these delays, Valkyrie is expected to launch its Bitcoin and Ether Strategy ETF on September 30, 2023, offering exposure to Ethereum futures. This will be the first ETH futures product to launch in the United States. Bloomberg analyst Eric Balchunas has also revealed that at least two other companies are preparing to issue futures ETFs, in case the SEC grants clearance just before a potential U.S. government shutdown takes effect on October 1.