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

The U.S. Securities and Exchange Commission has extended its window to approve the ARK 21Shares Bitcoin exchange-traded fund (ETF) originally proposed in July 2021.According to a Tuesday filing from the SEC, the regulatory body will push the deadline for approving or disapproving the ARK 21Shares Bitcoin ETF from Feb. 2 for an additional 60 days, to April 3. SEC Assistant Secretary J. Matthew DeLesDernier noted in the filing that it was “appropriate to designate a longer period” for the regulatory body to consider the proposed rule change, allowing the ETF to be listed on the Cboe BZX Exchange.The exchange originally filed the paperwork to apply for the ARK 21Shares Bitcoin ETF in July 2021, with the SEC able to delay its decision and open the offering to public comment for up to 180 days, with the option for a final 60-day extension starting on Feb. 2. After April 3, the SEC should not be able to extend the deliberation window further and will approve or disapprove of the crypto ETF.In a separate filing, the SEC also extended its window on a proposed rule change, allowing shares of an ETF tracking Bitcoin futures from agricultural fund provider Teucrium to be listed on NYSE Arca. The firm applied for the investment offering in May 2021 and will likely receive a final decision from the SEC by April 8.Related: Valkyrie aims for ETF linked to Bitcoin mining firms on NasdaqU.S. regulators have yet to approve ETFs with direct exposure to cryptocurrencies like Bitcoin (BTC) but gave the green light to investment vehicles linked to BTC derivatives for the first time in October 2021. At the time of publication, shares of Bitcoin futures-linked funds from Valkyrie and ProShares are currently listed on Nasdaq, with VanEck’s Bitcoin Strategy ETF trading on the Chicago Board Options Exchange.

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Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq

Crypto asset manager Valkyrie has filed an application with the United States Securities and Exchange Commission to trade an exchange-traded fund (ETF) with exposure to Bitcoin mining firms on the Nasdaq Stock Market.In a Wednesday SEC filing, Valkyrie said its Bitcoin Miners ETF will not invest directly in Bitcoin (BTC) but at least 80% of its net assets would offer exposure to the crypto asset through the securities of companies that “derive at least 50% of their revenue or profits” from BTC mining or providing hardware or software related to mining. The filing added Valkyrie would invest up to 20% of the ETF’s net assets in companies holding “a significant portion of their net assets” in Bitcoin. Valkyrie launched a Bitcoin Strategy ETF in October 2021, which offered indirect exposure to BTC with cash-settled futures contracts following SEC approval for a similar ETF from ProShares. At the time of publication, shares of the fund traded on the Nasdaq for $14.93, having fallen more than 40% since opening on Oct. 22. In 2021, the SEC approved investment vehicles linked to BTC derivatives for the first time, but hasn’t given the green light to any Bitcoin spot exchange-traded fund in the United States. The Valkyrie Bitcoin Miners ETF resembles the Digital Asset Mining ETF proposed by asset manager VanEck in December 2021, which plans to invest 80% of its total assets in securities from crypto mining firms — the regulatory body has until Feb. 14 to reach a decision on the fund or extend the deadline.Related: Why now? SEC took eight years to authorize a Bitcoin ETF in the USWhile many crypto ETF applications are still under consideration in the United States, Canadian regulators have approved ETFs with direct exposure to crypto from Fidelity, Purpose Investments and Evolve Fund Group. At a House of Representatives committee hearing in December, former Acting Comptroller of the Currency Brian Brooks said the United States was “unquestionably” behind other countries in approving crypto ETFs.

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