BlackRock’s Bitcoin ETF the 7th application delayed by SEC on August 31st

In yet another twist in the ongoing saga of Bitcoin exchange-traded funds (ETFs) in the United States, the Securities and Exchange Commission (SEC) has decided to postpone BlackRock’s application for its iShares Bitcoin Trust.

BlackRock, a financial giant managing over $8.5 trillion in assets, found its application for a Bitcoin-backed ETF deferred by the SEC. Back in June, BlackRock had submitted an application for an ETF backed by Bitcoin, with Coinbase slated to be the custodian of the fund’s Bitcoin holdings and the Bank of New York Mellon entrusted with managing its fiat accounts.

BlackRock’s application made a case for the value of ETF shares in streamlining the complexities and operational challenges associated with direct investments in Bitcoin. The delay in approving this ETF came hot on the heels of Grayscale Investments’ efforts to overturn an SEC decision that initially denied the listing of its Grayscale Bitcoin Trust (GBTC) over-the-counter on August 29th.

Many within the cryptocurrency community had speculated that the approval of a Bitcoin ETF backed by BlackRock, the world’s largest asset manager, would represent a significant milestone for cryptocurrency adoption. However, this latest delay has added another layer of uncertainty to the process. The SEC now has an additional 45 days, following the publication of the delay in the Federal Register, to either approve, deny, or delay BlackRock’s application once more, setting the next deadline for October 17th.

In a curious turn of events, the SEC delayed a slew of Bitcoin ETFs on August 31st. WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity all found their ETF applications facing a lengthier review process, as the SEC continues to navigate the complex landscape of cryptocurrency ETFs.”‘

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