SEC Defers Decisions on Two More Spot Bitcoin ETF Applications

Dave Liedtka and Vildana Hajric, Bloomberg News

A Bitcoin automated teller machine (ATM) sign outside a cryptocurrency exchange in Barcelona, Spain, on Thursday, Sept. 8, 2022. The upcoming 'merge' will be the Ethereum blockchain's most ambitious software upgrade ever, with the upgrade representing a fundamental overhaul of how the Ethereum blockchain works. , Bloomberg

(Bloomberg) -- The US Securities and Exchange Commission has deferred making a decision again on whether to approve the first US exchange-traded fund that invests directly in Bitcoin.

The primary US securities regulator deferred on filings from Franklin and Globe X, according to documents Friday. The deferrals come after delays for other filers because both companies had put out their initial applications later than some of their competitors.

Bitcoin has rallied almost 30% over the past month with investors and analysts anticipating that the SEC will soon allow the funds.

The largest digital currency rose about 1% to $36,400 as of 4:45 p.m. in New York. It reached an all-time high of almost $69,000 in late 2021.

--With assistance from Lydia Beyoud.