SEC pushes decision on ARK 21Shares Bitcoin ETF until April 3

The U.S. Securities and Exchange Commission (SEC) has extended the window for approval of the ARK 21Shares Bitcoin exchange-traded fund (ETF), which was originally proposed in July 2021.

According to a Tuesday SEC filing, the regulator will extend the deadline to approve or disapprove the ARK 21Shares Bitcoin ETF by 60 days from February 2 to April 3. SEC Assistant Secretary J. Matthew DeLesDernier noted in the filing that it would be appropriate to “designate an extended period of time” for the regulator to consider a proposed rule change that would allow the ETF to be listed on the Cboe BZX Exchange.

The exchange initially filed to apply for the ARK 21Shares Bitcoin ETF in July 2021, and the SEC could delay its decision and open it to the public for comment for up to 180 days, with an option to extend the final 60 days from February 2 sky. After April 3, the SEC will not be able to extend the deliberation window any further and will decide to approve or disapprove the crypto ETF.

In a separate filing, the SEC also extended the window for a proposed rule change that would allow agricultural fund provider Teucrium’s ETF tracking bitcoin futures to list on NYSE Arca. The company filed in May 2021 and may receive a final decision from the U.S. SEC by April 8.

U.S. regulators have yet to approve ETFs that invest directly in cryptocurrencies like Bitcoin, but gave the first green light to BTC derivatives-related investment vehicles in October 2021. Shares of Valkyrie and ProShares' bitcoin futures-linked funds are currently listed on Nasdaq, while VanEck's bitcoin strategy ETF trades on the CBOE.