As Bitcoin's Price Moves Dramatically, ETF Proposals Remain At A Standstill

On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800. All the while, retail and institutional investors seeking to gain exposure to this volatile asset class through an exchange traded product continued their wait. The Securities and Exchange Commission's ("SEC") evaluation of the listing proposals filed by CBOE BZX Exchange, Inc. ("CBOE") and NYSE Arca, Inc. ("NYSE Arca") – first covered here – remains ongoing and could continue through September.

Initially, the SEC had 45 days from each proposals' publication in the Federal Register to issue a decision or request an extension. The agency may extend this deadline up to a total of 240 days.