• The US Securities and Exchange Commission (SEC) could deliver a decision on ARK Invest’s Bitcoin spot ETF today or delay it to Nov 11, 2023, or Jan 10, 2024.
• Investment giant BlackRock has an ETF filing with the SEC due Oct 17, 2023.
• Economist and financial analyst Alex Krüger commented on SEC’s possible delay and called it a “certainty”, with past delays affecting Bitcoin prices negatively.
Deadline for ARK Invest’s ETF Approval Looms
The US Securities and Exchange Commission (SEC) could deliver a decision on ARK Invest’s Bitcoin spot ETF today or delay it to Nov 11, 2023, or Jan 10, 2024. Investment giant BlackRock has an ETF filing with the SEC due Oct 17, 2023.
Expert Opinion
Economist and financial analyst Alex Krüger commented on SEC’s possible delay and called it a “certainty”, with past delays affecting Bitcoin prices negatively. He advised his followers not to fade a rejection if one does occur. If approved, he recommended taking a long position in case of approval and flipping short in case of rejection.
Previous Delays
The chart below shows several applications that the SEC has to review including one from BlackRock:
All the Bitcoin ETF decision delays mentioned in the chart have had a negative effect on the price including previous entries from ARK Invest For example when the SEC delayed its decision on CBOE’s BTC ETF back in August 2018 there was a “BTC price cascade”.
Cathy Wood Expectations
Cathy Wood expected further delay as a spot Bitcoin ETF has become an eyesore for regulators. She also suggested that if the SEC decides to approve any Bitcoin spot ETFs more than one approval simultaneously is likely.
Conclusion
The deadline looms for US Securities and Exchange Commission (SEC) to make its decision regarding ARK Invest’s Bitcoin Spot ETF application by Sunday Aug 13th at end of New York trading session – although this could be delayed even further depending on whether or not public comment periods are closed off this week as well as other factors. Experts have commented that if approved there will be positive effects however if rejected then there will be negative consequences for BTC prices – regardless of whether it is approved or rejected investors should take heed of expert advice before making decisions about their investments involving BTC.