Bloomberg ETF analyst Eric Balchunas notes this move as an indication of the SEC’s inclination toward cash-for-Bitcoin exchange trading for initial ETF approvals, contrary to the market’s focus on in-kind creation methods.
The Invesco Galaxy Bitcoin ETF, if listed on Cboe, could have widespread implications for investors and the market. In June, Invesco joined industry leaders BlackRock and WisdomTree in seeking SEC approval for the ETF, expanding investment channels.
The SEC, currently deliberating on a proposed Ether ETF by Invesco and Galaxy, announced a delay in the decision. The extension allows a more comprehensive examination of the rule change proposal for listing and trading shares of the Invesco Galaxy Ethereum ETF on the Cboe BZX Exchange.
This delay is part of the commission’s review process for various crypto investment vehicles, as it has yet to approve an ETF directly exposed to Bitcoin or other cryptocurrencies. The proposal, published for public comment on November 8, 2023, obligates the SEC to make a decision within 45 days. The extension provides ample time for thorough consideration of public comments, ensuring a meticulous evaluation of the proposed rule change.
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