SEC delays ruling on proposed bitcoin ETF by Ark, 21Shares

The US securities regulator is requesting public comments as it determines whether to approve or deny the product

article-image

K.unshu/Shutterstock modified by Blockworks

share

The Securities and Exchange Commission on Friday did not say yes to the spot bitcoin ETF proposed by Ark Invest and 21Shares. 

It also didn’t say no. 

The SEC in a filing said it would “institute proceedings” to determine whether it should approve or deny the bitcoin ETF — one of a handful of proposals that have piled up on the regulator’s desk in recent months. 

“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,” the SEC filing notes. The regulator requested public comment on the proposal, which bakes more time into the process. 

“While we are highly confident, we understand that the process for approving a spot BTC product will not happen overnight so we remain committed to providing an efficient, regulated, safe and reliable way to access bitcoin for the US market,” Ark Invest CEO Cathie Wood and 21Shares CEO Hany Rashwan said in a joint statement.

The SEC has 240 days — broken into four periods of 45 days, 45 days, 90 days and 60 days — to consider the bitcoin ETFs in front of them. At the end of the first three periods, the SEC must either allow the planned product to launch, block it from doing so or say it needs more time to decide. 

This latest request for at least another 90 days comes after the SEC delayed its decision for this planned product in June, setting up Aug. 13 as its next deadline. 

Now, the next date the SEC is set to rule on, or delay its decision for, the ARK 21Shares Bitcoin ETF is Nov. 11, according to Bloomberg Intelligence analyst James Seyffart. The SEC must rule one way or the other at the end of 240 days, a period set to expire on Jan. 10. 

Loading Tweet..

Discussion around spot bitcoin ETFs got a jolt when asset management giant BlackRock submitted an application for such a product in June. A number of firms that had previously tried, and failed, to bring bitcoin ETFs to market over the last decade, quickly re-filed similar proposals in the days afterward.

But Ark Invest and 21Shares had together revealed plans for their own bitcoin ETF in April, putting them ahead of the latest wave of filers. 

Read more: Ark, 21Shares look to ‘strengthen’ bitcoin ETF filing after BlackRock joins race

The SEC’s Friday decision was not unexpected. 

Bloomberg Intelligence analyst Eric Balchunas said on Bloomberg TV Monday he expected the SEC to delay. Ark’s Wood noted during the interview with Balchunas that “you’re probably right that August 13 will come and go.”

“I think the SEC, if it’s going to approve a bitcoin ETF, will approve more than one at once,” Wood said at the time.

Updated Aug. 11, 2023 at 12:52 pm ET: Added statement from 21Shares and Ark Invest CEOs.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Single-player and mobile games can still offer robust in-game economies for players

article-image

Polygon and GSR partnered on Katana, angling for a “unified DeFi engine” to concentrate liquidity, recycle yield to users and showcase the AggLayer.

article-image

Decentralized money was a “very unpopular goal” when concepts were proposed in the ’90s, said Nick Szabo

article-image

Cove aims to deliver “risk-adjusted yield” through curated DeFi vaults

article-image

The best capital markets are open to the most people — and crypto capital markets are open to everyone

article-image

Post-conference musings on Firedancer, Kraken, Solana Mobile and Trump