The U.S. Securities and Exchange Commission (SEC) has delayed an application for a Bitcoin (BTC) exchange-traded fund from global asset manager BlackRock.
BlackRock, a company with more than $8.5 trillion in assets under management, delayed ruling on its iShares Bitcoin Trust following a filing with the SEC. In June, BlackRock submitted an application for a BTC-backed ETF, listing Coinbase as the proposed custodian of the fund’s Bitcoin holdings and Bank of New York Mellon being responsible for the fiat accounts.
BlackRock’s filing outlined the value of the shares in removing “barriers posed by the complexity and operational burdens of investing directly in Bitcoin.” The ETF delay came after cryptocurrency asset manager Grayscale Investments filed on Aug. 29 to overturn an SEC ruling that initially refused to list its over-the-counter Grayscale Bitcoin Trust (GBTC).
Related: Grayscale Wins Court Case, But What Does It Mean for a Spot Bitcoin ETF?
Many in the crypto space felt that approval of a spot Bitcoin ETF backed by BlackRock — the world’s largest wealth manager — would signal a positive trajectory for adoption. With the delay allowing the SEC an additional 45 days after its filing in the federal register to approve, deny or again delay BlackRock’s filing, the next deadline is October 17.
A number of Bitcoin ETFs were suspended by the SEC on Aug. 31. The Commission granted a longer period to consider applications from WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity.
Magazine: SEC calls ETF filings insufficient, Binance loses euro partners and other news: Hodler’s Digest, Jun 25 – Jul 1
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