The US Securities and Exchange Commission extended the deadline for four bitcoin trading funds (ETFs) Friday by 45 days, citing additional time to decide whether to accept 19b-4 bids.
Four Bitcoin ETFs (BTC) – Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF – were approved on November 21, December 8, December 11, and December 24, respectively.
In its official statement, the Securities and Exchange Commission noted:
“The Committee considers it appropriate to establish a longer period for the implementation of the measures relating to the proposed rule change, so that it will have sufficient time to evaluate the proposed rule change and any comments.”
In mid-September, US investment firm Invesco teamed up with New York-based Galaxy Digital Funds to offer a Bitcoin ETF called Invesco Galaxy. The ETF’s proposal is currently pending approval and may be listed on national US exchanges, with potential clients assuring that all private keys will be tightly protected by various technological and physical containment means.
Related: 3 Reasons Why Bitcoin ETF Approval As BTC Account Exchanger
Many expect the SEC’s introduction of the first Bitcoin EFT to boost the technical performance of the asset as more traditional investors enter the market. IShares data shows that the total value of commodities traded on the global market is equivalent to $263 billion, yet this figure underestimates all mutual funds that could be worth close to $500 billion.
Bloomberg ETF analysts recently predicted that the Securities and Exchange Commission may approve a bitcoin ETF by the end of October, highlighting the ProShares bitcoin futures ETF as the most likely candidate. The couple also said the regulator should “allow several people at once to avoid issuing the first action.”