On August 11th, the approval process was further delayed when the Securities and Exchange Commission (SEC) requested comments on the spot Bitcoin exchange-traded fund (ETF) application submitted by 21 Shares and Cathie Wood's ARK Invest.

This marks the second postponement in the listing procedure for this ETF, the first having occurred earlier in the year. 

The third deadline for the SEC's decision is set for November 11th later this year. Should the SEC delay the application once more, it will progress to its fourth and final deadline on January 10th, 2024.

Earlier this year, the race to secure approval for a spot Bitcoin ETF in the United States received a substantial boost when BlackRock, the world's largest asset manager, submitted an application for one. 

Following this, major institutions like Fidelity, VanEck, and WisdomTree, among others, joined the fray, filing for their own spot Bitcoin ETFs.

Being the first to obtain approval and listing for a spot Bitcoin ETF might prove crucial for its success. 

Galaxy Digital CEO and billionaire Mike Novogratz highlighted the importance during an earnings call earlier this week, stating, "The news of both BlackRock filing ETF and quite frankly, Invesco plus Galaxy, we're going to fight like cats and dogs to win market share there once it gets approved. It's a big, big deal."

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