SEC Delays Decision on Cathie Wood’s ARK 21Shares Bitcoin ETF

The SEC has delayed a decision on whether to allow a spot market Bitcoin ETF by Cathie Wood’s Arc Invest and crypto investment firm 21Shares to start trading.

The SEC said the ARK 21Shares ETF would get an answer on August 30.

The SEC already rejected an application for an ARK 21Shares ETF back in April.

An ETF, short for exchange-traded fund, is an investment tool that tracks the value of its underlying asset.

Cryptocurrency asset management firm Grayscale last month announced it was suing the SEC for rejecting its application to convert the Grayscale Bitcoin Trust (GBTC) to an ETF.

A long list of investment firms have applied to the SEC for a spot ETF product but have faced rejection. Bitcoin ETFs exist in other countries, though, including Canada and Brazil.

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