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Bitcoin ETF decision delayed again

The SEC has again postponed its decision on a Spot Bitcoin ETF in the U.S.

By Luc Vesters
• 1 min read
Bitcoin ETF decision delayed again

The SEC has again delayed its decision on a Spot Bitcoin ETF in the U.S. In this case, it’s the filing from American asset manager VanEck. The company submitted the application on June 24. In the SEC’s statement, the new decision date is pushed to October 11, 2022.

For now, the U.S. market watchdog is sticking to its stance of keeping plans for an ETF backed by physically bought Bitcoin on hold. Many institutions and retail investors remain interested in such a financial product. Grayscale is one example. They had a filed to convert their GBTC bitcoin trust into an ETF. The crypto fund manager, however, received a rejection letter from the SEC on June 29. Moreover, investing giant BlackRock recently grabbed headlines after launching its own Bitcoin trust.

So far, Bitcoin ETFs in the U.S. are based on futures contracts only. Instead of physical Bitcoin, fund managers buy and sell certificates tied to the cryptocurrency’s price. Usually with large gaps from the market price. Approval for the latest VanEck filing remains up in the air. In November 2021, the SEC blocked them from launching a Bitcoin ETF. And to this day, no such filings have been approved.

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