The Securities and Exchange Commission delayed a decision on the Global X Bitcoin Trust 19b-4 rule change on Friday.
The Commission previously delayed a decision back on Sept. 26 due to concerns at the time of a government shutdown. The SEC had a deadline of Nov. 21 to delay, greenlight or reject the Global X filing.
The filing opens up a comment period on the application which is expected to last 35 days after it is published in the Federal Register.
Bloomberg analyst James Seyffart pointed out in a post on X that the delay was “expected.”
Bloomberg analyst Eric Balchunas posted on X Friday that he was hearing “chatter SEC’s Trading & Markets engaged w/ exchanges this week on spot bitcoin ETF 19b-4s, is advising them they’d like the ETFs to do cash creates (vs in-kind), and has asked them to get in amendments in next couple wks. This isn’t unexpected but good sign nonetheless.”
In a follow up post, he noted that the cash creates approach “makes sense” for these types of funds.
Grayscale’s ETH ETF rule change was also delayed this week, as well as Hashdex’s ETH ETF rule change and its bitcoin ETF proposal as well.
To continue the ETF news circus, BlackRock tossed its hat in the ring by filing an S-1 for its proposed spot ethereum ETF yesterday. It filed a 19b-4 for the proposed fund late last week.
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