The regulatory body said it was "appropriate to designate a longer period" to approve or disapprove of the proposed Bitcoin ETF.
The U.S. Securities and Exchange Commission has extended its window to approve the ARK 21Shares Bitcoin exchange-traded fund (ETF) originally proposed in July 2021.
According to a Tuesday filing from the SEC, the regulatory body will push the deadline for approving or disapproving the ARK 21Shares Bitcoin ETF from Feb. 2 for an additional 60 days, to April 3. SEC Assistant Secretary J. Matthew DeLesDernier noted in the filing that it was “appropriate to designate a longer period” for the regulatory body to consider the proposed rule change, allowing the ETF to be listed on the Cboe BZX Exchange.
The exchange originally filed the paperwork to apply for the ARK 21Shares Bitcoin ETF in July 2021, with the SEC able to delay its decision and open the offering to public comment for up to 180 days, with the option for a final 60-day extension starting on Feb. 2. After April 3, the SEC should not be able to extend the deliberation window further and will approve or disapprove of the crypto ETF.
In a separate filing, the SEC also extended its window on a proposed rule change, allowing shares of an ETF tracking Bitcoin futures from agricultural fund provider Teucrium to be listed on NYSE Arca. The firm applied for the investment offering in May 2021 and will likely receive a final decision from the SEC by April 8.
Related: Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq
U.S. regulators have yet to approve ETFs with direct exposure to cryptocurrencies like Bitcoin (BTC) but gave the green light to investment vehicles linked to BTC derivatives for the first time in October 2021. At the time of publication, shares of Bitcoin futures-linked funds from Valkyrie and ProShares are currently listed on Nasdaq, with VanEck’s Bitcoin Strategy ETF trading on the Chicago Board Options Exchange.
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