6 Bitcoin ETF Applications Delayed So Far, BlackRock Rumored to Be Next—Fidelity, WisdomTree, Valkyrie, VanEck, Bitwise, Invesco

The U.S. Securities and Exchange Commission (SEC) has delayed a total of six applications for a Bitcoin exchange-traded fund (ETF) from various companies so far, including WisdomTree Investments, Valkyrie Digital Assets, Bitwise Asset Management, VanEck, Invesco, and Fidelity Investments. Meanwhile, reports suggest that BlackRock is also looking to file its own application for a Bitcoin ETF soon. The SEC has yet to approve any of the ETF applications, with the commission postponing its decisions several times. Most of the applicants have used the SEC’s interpretation of the securities law to argue that their BTC ETFs would be in full compliance with the regulatory framework. WisdomTree was the first company to file an application for a Bitcoin ETF in July 2019. The company proposed two ETFs, one with a physical Bitcoin fund and the other with a futures-based fund. Both of these were withdrawn in June of 2020. Valkyrie Digital Assets filed for a Bitcoin ETF in September of 2019, aiming to launch an exchange-traded fund that tracks the recognition of digital assets on the public market. In June of 2020, the company suspended its application citing regulatory uncertainty. In October 2019, Bitwise submitted an application for a BTC ETF, proposing to invest at least 80% of the fund’s assets in Bitcoin. However, the company also withdrew its application in June of 2020 due to regulatory hurdles. VanEck also filed for a Bitcoin ETF in December of 2019. The company proposed to use OTC Trading Bitcoin shares and regulated futures contracts as the underlying instruments. This application is still pending before the SEC. In January of 2020, Invesco, the investment manager and provider of ETFs, applied for a Bitcoin ETF. However, this application is still under review by the SEC. Finally, in October of 2020, Fidelity Investments submitted its application for a Bitcoin ETF. Fidelity proposed two ETFs: one with a physically-backed Bitcoin fund, and one with a futures-based Bitcoin fund. The SEC has yet to make a formal decision on this application. Apart from these companies, reports indicate that BlackRock, the world’s largest asset manager, is also looking to file its own application for a Bitcoin ETF. The company has yet to make a formal announcement about the matter.