Bitcoin spot ETF will have to wait a bit longer! SEC extends review period for the Ark ETF, soliciting public feedback.

The asset management giant Blackrock announced in July this year that it has applied for a Bitcoin spot ETF, attracting many institutions to join the application queue, all of which have adopted a supervision-sharing agreement with Coinbase to prevent market price manipulation. Among the applicants, Ark Invest, which has applied three times, is expected to be the first to undergo SEC review, but this review process has been delayed today.

Ark and 21Shares Bitcoin ETF Review Time Extended

According to a report by Coindesk, the U.S. Securities and Exchange Commission (SEC) announced in a document released yesterday that it will extend the review time for the Ark Investment and 21Shares' Bitcoin ETF, ARK 21Shares Bitcoin ETF. The SEC will also continue to review Bitcoin ETF applications submitted by traditional financial institutions such as BlackRock and Fidelity.

Additionally, the SEC issued an order giving the public three weeks to comment on Ark's Bitcoin ETF application and an additional five weeks to respond to comments. Coindesk referred to this process as standard practice, which could delay the decision time by several weeks.

Cathie Wood Foresees the Outcome

According to previous reports, Ark Investment founder Cathie Wood anticipated this outcome and speculated that their Bitcoin spot ETF would pass alongside those launched by other institutions.

However, Stephen Hall, Legal Director and Securities Expert at Better Markets, recently commented on the Bitcoin spot ETF and pointed out several reasons why it may not pass, also stating that Coinbase's surveillance sharing agreement is ineffective in preventing market manipulation.

Related article: Bitcoin Spot ETF to be Reviewed, Securities Expert: Coinbase's Surveillance Sharing Agreement Completely Ineffective