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The U.S. Securities and Exchange Commission on Thursday issued the ruling on the spot bitcoin exchange-traded funds filed by Wall Street heavyweights Invesco (IVZ), Fidelity Investments, Valkyrie, Bitwise and WisdomTree (WT), according to documents published on its website -Requests delayed.
Bitcoin (BTC-USD), already in the red before the news Discount 4.9% at 5:26 p.m. ET to $25.9,000. That was before the token surged as high as $27.9k on Tuesday, judges said overturned an SEC decision to prevent Grayscale Investments from converting its Bitcoin trust (OTC:GBTC) into an ETF that invests directly in Bitcoin (BTC USD).
Crypto advocates have argued that a spot BTC ETF would save investors the hassle of buying the underlying token directly, while allowing more private market participants to invest in the space. Fundstrat Global Advisors co-founder Tom Lee predicted earlier this month that Bitcoin (BTC-USD) could surge to $150,000 if such a product is approved.
The new deadline for the SEC to process Bitwise’s filing is Friday. The regulator has until October 17 to comment on WisdomTree’s (WT) proposal and October 19 on Valkyrie’s proposal.
On Aug. 11, the SEC extended its decision approving ARK Investment Management’s proposed spot BTC ETF.
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