SEC delays BlackRock, Valkyrie spot bitcoin ETFs decision

Industry experts anticipated the SEC’s move to postpone its decision

September 28, 2023 05:42 pm

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The Securities and Exchange Commission has delayed decisions on several other bitcoin ETF proposals just days after delayed decisions for Ark 21Shares and GlobalX until January.

The anticipated delays filed Thursday focused on BlackRock, Valkyrie, and Bitwise’s bitcoin ETF applications. The SEC initially delayed its decision on the fund on Aug. 31.

On Wednesday, the SEC moved to delay Hashdex’s bitcoin ETF which was expected on or around Oct. 6.

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Bloomberg’s James Seyffart said the delays are trickling in now to get ahead of an expected government shutdown. In a hearing in DC earlier this week, SEC Chair Gary Gensler said a shutdown would leave the regulator with a “skeletal” staff.

BlackRock is the most highly anticipated of the bitcoin ETF applications, with the $9 trillion asset manager having an impressive record of approvals from the SEC. Bloomberg’s Eric Balchunas and Seyffart have said that the record stands at roughly 575-1.

Prior to the second delay, many of the fund hopefuls had deadlines in mid-October, though — as Blockworks previously reported — industry experts have stressed that the SEC can delay its rulings until the end of the 240-day deadlines.

The delays have left some questioning whether the SEC plans to appeal the Grayscale decision, in which a panel of judges sided with Grayscale and asked the SEC to re-examine its application to convert its Bitcoin Trust (GBTC) to an ETF.

As Blockworks noted, there is a 45-day window from the Aug. 29 decision for the SEC to appeal. That would mark Oct. 13 as its final day.

However, as the bitcoin ETFs face further — though expected — delays, the SEC is pushing forward with Ethereum futures ETFs.

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