US SEC postpones review of ARK 21Shares Bitcoin ETF to April 3rd

2022/05/07 22:22

The U.S. Securities and Exchange Commission (SEC) has extended the window to approve the ARK 21Shares Bitcoin exchange-traded fund (ETF), which was originally proposed in July 2021.

The U.S. SEC will extend the deadline for approving or not approving the ARK 21Shares Bitcoin ETF by 60 days from Feb. 2 to April 3, according to a Tuesday filing. SEC Assistant Secretary J. Matthew DeLesDernier noted in the filing that a "specified extended period of time" is appropriate for the regulator to consider a proposed rule change that would allow the ETF to list on the Cboe BZX Exchange.

The exchange originally submitted its application for the ARK 21Shares Bitcoin ETF in July 2021, and the US SEC can delay its decision and open it to the public for comment for up to 180 days, with an option to extend the last 60 days from February 2nd. sky. After April 3, the US SEC will not be able to further extend the review window and will decide whether to approve or disapprove this encrypted ETF.

In a separate filing, the SEC also extended the window for a proposed rule change to allow an ETF tracking bitcoin futures from agricultural fund provider Teucrium to list on NYSE Arca. The company filed in May 2021 and may receive a final decision from the U.S. SEC by April 8.

U.S. regulators have yet to approve ETFs that invest directly in cryptocurrencies such as Bitcoin, but gave the first green light in October 2021 for investment vehicles linked to BTC derivatives. Shares of Valkyrie and ProShares’ bitcoin futures-linked funds are currently listed on Nasdaq, while VanEck’s bitcoin strategy ETF trades on the CBOE.

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