The United States Securities and Exchange Commission is facing its first deadlines to decide on seven spot Bitcoin (BTC) exchange-traded fund applications, with the latest being Sept. 4 amid its defeat to Grayscale Investments in a U.S. federal appeals court.
Investment firm Bitwise will learn if its ETF will win the SEC’s approval on Sept. 1 while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC’s decision for their funds by Sept. 2, according to several SEC filings.
Meanwhile, Valkyrie is set to hear back from the SEC on Sept. 4.
The U.S. Court of Appeals ruled on Aug. 29 that the SEC’s rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capricious” — but this doesn’t mean the SEC must approve Grayscale’s application or others in the future, says Bloomberg ETF analyst James Seyffart.
In an Aug. 29 Bloomberg interview, Seyffart explained that Grayscale’s win…