Contents
Toggle
Early Postponement of Franklin and Hashdex’s ETF Applications
Franklin Updates Prospectus
According to information shared by Bloomberg analyst James Seyffart, the U.S. Securities and Exchange Commission (SEC) could have waited until January 1 (the second deadline) to make a decision on Franklin’s filed Bitcoin spot ETF application. However, the regulatory agency made the rare decision to “delay judgment” early, “several months before the deadline.”
It is worth noting that in addition to Franklin’s Bitcoin ETF application, the SEC also postponed another decision date, also on January 1, for Hashdex’s Bitcoin ETF application. James Seyffart speculates that the reason the SEC made an early decision to postpone Franklin and Hashdex’s applications may be to ensure that all ETF applications are approved simultaneously on January 10 (the final decision deadline for ARK Invest’s Bitcoin ETF). James Seyffart said:
However, James Seyffart later added that he believes the SEC is likely to approve the 19b-4 application by then, but the SEC is not yet ready to approve the S-1 filing (i.e., the prospectus). Therefore, even though some procedural approvals may happen quickly, it does not mean that the ETF will be launched immediately, as the SEC is not fully prepared to approve the relevant prospectus.
Just a few hours after being postponed, Franklin submitted an updated S-1 filing to the U.S. Securities and Exchange Commission (SEC).
