A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken
Reuters

KEY POINTS

  • The SEC is set to make an announcement on the spot Bitcoin ETF applications on Aug. 13
  • The timeline aligns with the regulatory requirement for the financial authority to respond to the applications within 45 days
  • Bitcoin was trading down at $29,415.97 in the early hours of Friday

The U.S. Securities and Exchange Commission (SEC) is expected to release its decision on the ARK 21Shares Bitcoin exchange-traded fund (ETF) on Aug. 13, but the financial regulator might reveal its decision earlier than scheduled since the set deadline falls on a Sunday.

While the spot Bitcoin ETF applicants await the SEC's decision on the application of ARK Invest, speculations are rife about whether the financial regulator would delay its decision.

Bloomberg ETF analyst James Seyffart speculated the SEC might make an announcement related to ARK Invest's spot Bitcoin ETF application earlier than scheduled, which he said could happen on Friday after the market closes, although he did not discount the possibility that the major Wall Street regulator might delay its decision.

"The next SEC deadline for #Bitcoin ETFs is @ARKInvest/ @21co__'s on 8/13. That's a Sunday so we should see a decision by tomorrow. My bet is after the market close tomorrow. We are fully expecting a DELAY," the analyst tweeted Thursday.

The SEC is expected to release its verdict on the spot Bitcoin ETF applications within this week, which aligns with the regulatory requirement to respond to the applications within 45 days or by Aug. 13.

Earlier this week, Galaxy Digital CEO Michael Novogratz hinted at a possible delay in the release of SEC's decision, citing sources associated with Invesco and BlackRock. Novogratz said it might be pushed back by four to six months.

"Both our contacts from the Invesco side and from the BlackRock side get you to think that this is a question of when, not if, that the outside window is probably six months. And so you're – kind of your four to six months if you had to put a pin the tail on the donkey audit," Bloomberg senior ETF analyst Eric Balchunas quoted Novogratz as saying during an earnings call.

Bitcoin was trading down at $29,415.97 as of 2:38 a.m. ET on Friday, with a 24-hour trading volume down by 33.71% at $11,507,661,499, representing a 0.27% decrease in the last 24 hours and a 0.60% gain over the past seven days.

Bitcoin's total circulating supply stands at 19,453,868 BTC, with its value down by 0.32% at a $572,366,276,657 market cap, according to data from CoinMarketCap.

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