Blackrock, Bitwise Spot Bitcoin ETF Filings Delayed; What Next?

After having given an early decision on the ARK Invest 21Shares spot Bitcoin Exchange Traded Fund (ETF) filing, the U.S. Securities and Exchange Commission (SEC) has in a fresh development delayed the filings from Blackrock and Bitwise. Hence, the chances of a spot Bitcoin ETF approval in 2023 may effectively be nullified.

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Blackrock Dominance

The crypto community and financial analysts were unanimously betting on Blackrock to get the ETF approval the quickest among all filings considering the wide dominance the investment manager enjoys across sectors in the United States and beyond. With the Blackrock filing getting the delay, this makes it three filings out of a total of seven to have gotten the response from US SEC. An update from the agency said,

“Order instituting proceedings to determine whether to approve or disapprove a proposed rule change to list and trade shares of the iShares Bitcoin Trust.”

Earlier, CoinGape reported the delay in ARK Invest 21Shares filing, with the US SEC seeking a longer period for any action on the proposed rule change. With this decision, the US SEC has advanced the timeline as the Ark response was due only on November 11, 2023. Recently, another asset management firm Franklin Templeton filed an application for the spot ETF.

Valkyrie Bitcoin and Ether Strategy ETF Launch

Meanwhile, it is expected that on September 30, 2023, Valkyrie will begin offering exposure to Ethereum futures through its Bitcoin and Ether Strategy ETF, which will be the first such ETH futures product to launch in the United States. Also, Eric Balchunas, a Bloomberg analyst, revealed that at least two other companies are preparing to issue the futures ETF, in case the SEC gives clearance just in time before a potential US government shutdown takes effect on October 1.

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