- SEC has issued a ruling on Ark Invest and 21Shares’ joint application.
- The case has been extended to November 2023.
- With Ark Invest insisting on its primacy since it filed the papers back in April.
The U.S. Securities and Exchange Commission (SEC) has issued a ruling regarding the application for registration of a joint spot bitcoin-ETF from Ark Invest and 21Shares firms. It has once again been postponed.
According to a published document, the deadline for the case has been extended to November 2023. The regulator also sought written comments from stakeholders and independent experts.
Ark Invest and 21Shares have reapplied for registration of a spot bitcoin-ETF in late April 2023. In theory, that makes them the front-runner in the race to issue an exchange-traded fund, as confirmed by one of the companies.
In late June, the parties amended the application to add an SSA-agreement clause. As a reminder, this transaction involves the exchange of information between its participants, including clearing information.
In mid-July, the SEC formally launched the application review process. The regulator has a total of 240 days to approve or block them.
Ark Invest chief executive Kathy Wood, for her part, believes the commission will still give its approval, and for several products at once. This is also the opinion of analysts at Matrixport.