SEC Delays ARK Invest 21Shares Bitcoin ETF Filing
The U.S. Securities and Exchange Commission (SEC) has announced a delay in the filing for the ARK Invest 21Shares spot Bitcoin Exchange Traded Fund (ETF). This decision, made on September 26, 2023, could potentially reduce the chances of an ETF approval within the year.
The SEC has requested additional time to review the proposed rule change, despite the original decision deadline being set for November 11, 2023. The timing of this delay coincides with SEC Chair Gary Gensler’s hearing before the Financial Services Committee on September 27, 2023.
Implications and Speculations
The SEC’s decision to delay the ARK Invest filing has led to speculation about the fate of other ETF applications. Bloomberg ETF analyst James Seyffart suggests that this delay may signal a setback for ETF approval in 2023. Several other filings, including those from BlackRock, Bitwise, and Wisdomtree, are scheduled for decisions in the third week of October 2023.
It remains to be seen whether these applications will also face delays. The SEC’s message regarding the ARK Invest filing indicates a longer period for commission action, leaving room for uncertainty and potential delays for other ETF proposals.
Franklin Templeton Joins the Race
On September 12, 2023, Franklin Templeton became the latest major financial company to express interest in obtaining approval for a spot Bitcoin ETF in the United States.
However, reports suggest that the investment management firm has yet to file the 19b-4, a crucial step in the approval process. As the race for the first-ever spot BTC ETF approval continues, market participants eagerly await updates on the progress of various applications, including those from BlackRock, Bitwise, VanEck, Invesco, Wisdomtree, Fidelity, Valkyrie, and now Franklin Templeton.
The SEC’s decision to delay the ARK Invest filing raises questions about the timeline for future ETF approvals and adds further anticipation to the upcoming decisions in mid-October.