The much-awaited NYDIG Bitcoin ETF has experienced a further delay, severely wounding Bitcoin bulls.
The US Securities and Exchange Commission has extended its decision on NYDIG's spot exchange-traded fund (ETF) for Bitcoin (BTC) till March 16.
The SEC determined that it was "appropriate to designate a longer period within which to issue an order approving or disapproving" the ETF in a notice released on Tuesday. BTC's price did not budge in response to the news, remaining in its tightly coiled range under $47,000.
An SEC official spoke out in favour of a spot ETF, which is an encouraging move. Though crypto fans are accustomed to denials and setbacks in BTC spot ETFs, SEC Commissioner Hester Peirce is astonished as to why the process is taking so long.
The commissioner stated in an interview with industry media, “I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen [...] We’ve issued a series of denials even recently, and those continue to use reasoning that I think was outdated at the time.”
The NYDIG suggested an ETF for the first time on Feb. 16 of the previous year, with the most latest deadline for approval being Jan. 15. It would have been the first Bitcoin ETF in the United States if approved.
Investors in the United States can get access to BTC through Valkyrie's recent ETF offering or the famous ProShares BTC futures contracts fund. Investors, though, persist to seek a method to obtain direct exposure to the asset.
Fidelity Canada released a BTC ETF and mutual fund in December, and Brazilian and Latin American investors can invest in BTC spot ETFs. It brings up the concern of when a spot ETF will appear on U.S. shores.
According to ETF.com, over 20 BTC-related ETFs are waiting for approval or denial in the United States.