The US Securities and Exchange Commission has extended the deadline for the approval or disapproval of the ARK 21Shares Bitcoin exchange-traded fund to August 30. The application was initially filed in May and the deadline was extended for an additional 45 days. The SEC has never approved a direct exposure crypto ETF but has approved investment vehicles linked to BTC futures.
In partnership with Europe-based ETF issuer 21Shares, Ark Invest applied for a spot Bitcoin ETF listed on CBOE BZX Exchange. The SEC rejected the application in April but can delay its decision and allow public comments for up to 180 days. The SEC’s decision on this application could come by January 2023.
The SEC extended the deadline to have more time to consider the proposed rule change. In a related development, Grayscale was denied approval to convert its Grayscale Bitcoin Trust into a spot BTC ETF by the SEC, leading to a legal petition challenging the decision.
