Global asset manager BlackRock's application for a Bitcoin exchange-traded fund (ETF) has been delayed by the United States Securities and Exchange Commission (SEC), making it the seventh application to be delayed today.
BlackRock, which manages over $8.5 trillion in assets, had its iShares Bitcoin Trust application delayed after applying with the SEC. In June, BlackRock submitted 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 responsible for its fiat accounts. The firm's filing highlighted the advantages of shares in overcoming the complexities and burdens involved in directly investing in Bitcoin.
The delay of the BlackRock ETF follows a petition by cryptocurrency asset manager Grayscale Investments to overturn an SEC decision that initially denied the listing of its over-the-counter Grayscale Bitcoin Trust (GBTC) on August 29.
On August 31, the SEC also postponed several other Bitcoin ETFs. WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity were all given a longer period for their applications to be reviewed.
This is an ongoing story and will be updated with further information as it becomes available.
