BlackRock’s Bitcoin ETF to be the 7th application delayed by SEC today

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BlackRock's Bitcoin ETF to be the 7th application delayed by SEC today
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The United States Securities and Exchange Commission (SEC) has delayed an application for a Bitcoin (BTC) exchange-traded fund from global asset manager BlackRock.

BlackRock, a firm with more than $8.5 trillion in assets under management, has a decision on its iShares Bitcoin Trust delayed following an application with the SEC. In June, BlackRock lodged an application for a BTC-backed ETF with Coinbase listed as the planned custodian of the fund’s Bitcoin holdings and the Bank of New York Mellon in charge of its fiat accounts.

BlackRock’s filing outlined the value of the shares in removing “obstacles represented by the complexities and operational burdens involved in a direct investment in Bitcoin”. The ETF delay came after cryptocurrency asset manager Grayscale Investments petitioned to have an SEC decision overturned that had originally denied the listing of its over-the-counter Grayscale Bitcoin Trust (GBTC) on Aug. 29.

A swathe of Bitcoin ETFs were delayed by the SEC on Aug. 31. The commission designated a longer period to review applications from WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity.

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This is a developing story, and further information will be added as it becomes available.

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