What You Need to Know
- The Cboe has filed an application with the SEC to list Fidelity's Bitcoin ETF, which the agency has 45 to 240 days to review.
- Fidelity's Wise Origin Bitcoin Trust ETF is one of five Bitcoin ETFs the SEC is actively reviewing.
- SEC approval of a Bitcoin ETF this year seems unlikely.
The Cboe has filed an application with the Securities and Exchange Commission to list Fidelity’s Bitcoin ETF, known as the Wise Origin Bitcoin Trust, which starts the clock for an agency decision on the ETF application.
The exchange filing, known as a 19b-4 filing, was submitted May 10, after which the SEC allows 45 days for an initial review that can be extended as long as 240 days.
To date, eight Bitcoin ETF applications are pending before the SEC, and exchanges have filed 19b-4 filings for five of them. The Cboe has filed four of those 19b-4 applications, including one for the VanEck Bitcoin Trust, whose review was extended beyond the initial 45 days for at least another 45 days, to June 17.
In its announcement to postpone that decision, the SEC said a longer time period was appropriate to provide “sufficient time to consider the proposed rule change and the comments received.” The SEC has rejected all previous cryptocurrency ETF applications, including two from VanEck, one in partnership with SolidX.