On Thursday, the SEC made a significant move by postponing its decision regarding spot Bitcoin ETF applications from prominent financial players including BlackRock, Fidelity, Valkyrie, Bitwise, VanEck, WisdomTree, and the joint application submitted by Invesco and Galaxy ✋
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Following this development, Bitwise has decided to withdraw its ETF application, leaving the other applications still awaiting review 📤
The key deadlines for these applications are as follows: BlackRock, Fidelity, Valkyrie, VanEck, WisdomTree, and the joint application have until 17 October. Ark Invest's deadline is set for 11 November, and the final deadline is 10 January 2024 📝
It's worth noting that the SEC has the option to delay its decision twice more before providing a formal ruling, potentially leading to an extension beyond the October deadline 🛑
If a second delay occurs, the new deadline for BlackRock, VanEck, WisdomTree, Fidelity, and the joint application will be 15 January, followed by Valkyrie's deadline on 17 January 📆
However, the SEC could further postpone the decision, taking each ETF application to its respective final deadline 🥫
In this scenario, the SEC must make its decision, either accepting or rejecting all applications, on the final deadline for all applicants. Most applicants have a final deadline of 15 March, except for Valkyrie, which is set for 19 March 🗓️
If the SEC chooses to delay all applicants until the final deadline, the decisions will coincide with the estimated date of the Bitcoin halving in a month's time 📆
Should the SEC approve all spot ETFs simultaneously on the deadlines, it could serve as a catalyst alongside the halving event, potentially marking the beginning of a new bullish phase 🐂
However, if all applications face rejection, the spot ETF situation will continue to cast a shadow over the industry leading up to the halving. The question then arises: will the applicants reapply or decide to move on? 🤷
Drop your thoughts below 👇
