The Securities and Exchange Commission (SEC) has said it needs a “longer period” to evaluate several spot Bitcoin ETF applications, including those of BlackRock, Wisdom Tree Funds, Invesco and Galaxy Digital, and Valkyrie Funds.

One by one, the SEC disclosed delays today for nearly every outstanding spot Bitcoin ETF application, except for Global X’s—the SEC’s deadline to respond is Oct. 7. Notably, the regulator saved BlackRock, one of the world’s largest asset managers, for last.

According to filings from the securities regulator, it’ll need until at least Oct. 17 to decide whether to approve or reject most of the applications. The SEC set a fresh deadline of Oct. 16 for Bitwise’s application, while Valkyrie received a deadline of Oct. 19. The SEC would have otherwise been due to announce a decision on the applications before Saturday, Sept. 2.

Earlier this week there was a spike in anticipation for a spot Bitcoin ETF—an exchange-traded fund that tracks the price of Bitcoin—after a court sided with crypto asset manager Grayscale in its own effort to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF.

But as experts have pointed out, the court ruling isn’t the same as an approval and the securities regulator still has 45 days to appeal the judge’s opinion. An appeal is possible but unlikely, Coffey Modica of LLP Joseph A. D’Avanzo previously told Decrypt.

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Author: Stacy Elliott,André Beganski

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