The United states Securities and Exchange Commission has extended the borderline of four Bitcoin commutation-traded funds (ETF) on Friday for 45 days, citing the requirement for additional fourth dimension to determine whether to accept the 19b-4 applications.

The approving of iv Bitcoin (BTC) ETFs — Global Ten Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF — was rescheduled to November. 21, Dec. viii, December. eleven and Dec. 24, respectively.

In its official argument, the SEC outlined:

"The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that information technology has sufficient time to consider the proposed rule change and any comments."

In mid-September, U.S.-based investment firm Invesco joined forces with New York's Galaxy Digital Funds to file a Bitcoin ETF called Invesco Galaxy. Currently pending approval, the ETF security offering has the potential to be listed on national U.Due south. exchanges, with potential clients assured that all private keys would be rigorously guarded by a multitude of technological and physical deterrents.

Related: three reasons why a Bitcoin ETF approval volition be a game changer for BTC price

It is widely expected that the introduction of the first Bitcoin EFT by the SEC will elevate the asset'due south technical indicators equally a surge of traditional investors enters the market. Data from iShares reveals that the total value of global commodities exchange-traded products equates to $263 billion, and still, this effigy discounts all common funds, which could accept the value closer to $500 billion.

Bloomberg ETF analysts recently predicted that the SEC could approve a Bitcoin ETF by the end of Oct, highlighting ProShares' Bitcoin futures ETF as the most likely candidate. The pair likewise advised that the regulatory institution should "allow several at once to avert handing out the first-mover reward."