A Comprehensive Look at Global Bitcoin ETF Status: When Will the SEC's "Delay Tactics" End?
On June 23, Brazil's securities exchange listed a Bitcoin ETF, while the Dubai Nasdaq Exchange approved Bitcoin fund trading, marking the first Bitcoin fund listed in the Middle East.
Coincidentally, on the same day, the U.S. SEC decided to extend its review period for the Valkyrie Bitcoin ETF to August 10, stating it needs more time to evaluate the proposed modifications. A week prior, the SEC had similarly delayed its review of the Van Eck Bitcoin ETF.
The advantage of Bitcoin ETFs is that they package Bitcoin into a neat asset bundle, perfectly suited for investors' existing brokerage account structures, significantly lowering the barrier to entry for investors by eliminating complex operations such as dealing with private wallets and private key management, paving the way for more traditional stock market investors to enter the crypto space.
Currently, the United States' neighbor Canada has approved four institutions to list Bitcoin ETFs on the Toronto Stock Exchange, and Latin America has its own Bitcoin ETF, while the United States, despite companies applying for Bitcoin ETFs as early as 2013, has yet to successfully approve one.
Where exactly has the global Bitcoin ETF developed to? When will the SEC's "delay tactics" max out? With these questions in mind, we combed through information across the internet and, in addition to sketching out a general map of the global Bitcoin ETF landscape, also created a clear SEC review timeline that may provide some answers.
Brazil Becomes the Second Country to Approve Bitcoin ETF Issuance, Canada's 4 ETFs AUM Exceed $1.6 Billion
On June 23, the Bitcoin ETF of blockchain investment company QR Capital successfully began trading on the Brazilian securities exchange, with the trading code QBTC11. In March, the Brazilian Securities and Exchange Commission had approved QR Capital's Bitcoin ETF for trading on the B3 exchange in São Paulo, making Brazil the second country after Canada to approve Bitcoin ETF issuance.
As the largest country in Latin America, Brazil has a population of 215 million, ranking sixth in the world. The successful listing of Bitcoin ETF in Brazil not only provides ordinary investors with a more compliant and accessible Bitcoin investment channel but also addresses issues such as secure custody, liquidity, and private key management.
QR Capital CEO Fernando Carvalho stated that the entry of Bitcoin ETF into the stock market is "a historic moment for the crypto and traditional financial markets, and Brazilian investors now have a regulated and robust option to purchase Bitcoin."
It is reported that QBTC11 uses the CME CF Bitcoin Reference Rate, the same index used by CME for Bitcoin futures contracts. As of June 24, the net asset value of Latin America's first Bitcoin ETF was approximately $23.28 million, with an annual management fee of 0.75%.
Meanwhile, the Dubai Nasdaq Exchange approved the Bitcoin Fund managed by Canadian investment fund management company 3iQ to begin trading at 10:00 Dubai time on June 23, with the trading code QBTC and a reference price of $34.57. On its listing day, the ETF rose 11%.
It is worth noting that 3iQ's Bitcoin Fund is the first Bitcoin fund in the Middle East. The fund was launched in 2020 and was listed on the Toronto Stock Exchange in Canada, setting the record for the first publicly traded cryptocurrency fund listed on a major global stock exchange. The fund is classified as an exchange-traded product (ETP), but not an ETF.
Regarding the relationship between ETP and ETF, we found the answer in an article published by Van Eck's Asia Pacific CEO and Managing Director Arian Neiron in April 2016. ETP is a generic term for a collection of financial products traded on securities exchanges, including exchange-traded funds (ETFs), exchange-traded managed funds (ETMFs), exchange-listed structured products (ETFs), exchange-traded vehicles (ETVs), exchange-traded notes (ETNs), exchange-traded commodities (ETCs), and more. These products share the commonality of being intraday traded and are open-ended, meaning the number of issued shares is not fixed and can increase or decrease based on supply and demand.
The primary investment objective of ETFs is to provide investment returns that closely track an index, commodity, or currency. Common ETFs are index-tracking ETFs. Before Bitcoin ETFs emerged, there were publicly traded funds that allocated funds to invest in Bitcoin. Unlike Bitcoin ETFs that directly purchase Bitcoin, the shares in these funds represent investment in a pool of cryptocurrency funds.
In addition to The Bitcoin Fund (QBTC.U, QBTC), 3iQ currently also holds 3iQ Coin Shares Bitcoin ETF (BTCQ, BTCQ.U), 3iQ Coin Shares Ether ETF, The Ether Fund, and 3iQ Global Cryptoasset Fund.
3iQ Coin Shares Bitcoin ETF (BTCQ, BTCQ.U) is the fourth compliant Bitcoin ETF approved by Canada after Purpose Investments, Evolve Funds Group, and CI Global Asset Management.
According to OK Link data, as of June 24, 3iQ Coin Shares Bitcoin ETF (BTCQ, BTCQ.U) holds 21,155.41 Bitcoin, valued at approximately $730 million. 3iQ The Bitcoin Fund (QBTC.U, QBTC) holds 12,979.24 Bitcoin, valued at approximately $448 million.
Over the past two months, Bitcoin has performed poorly, failing to effectively reclaim the 200-day moving average after falling below it on May 21, technically entering a bear market. Crypto Quant data shows that QBTC's Bitcoin holdings decreased from 23,458 on June 1 to 12,979 on June 24, a reduction of 10,479 Bitcoin.
Canada's first approved Bitcoin ETF, Purpose Bitcoin ETF, according to its official website, as of June 24, has total assets under management of $739 million, holding 21,184.64 Bitcoin. Through Glassnode data analysis platform, we can see that from May 13 to present, its Bitcoin holdings have been steadily increasing, with funds showing net inflows.
However, due to Bitcoin's decline, its assets under management fell from a peak of $1.38 billion to $749 million, a reduction of 46% in asset size.
Additionally, according to OK Link's securities products section, we also found data on two other Bitcoin ETFs trading on the Toronto Stock Exchange: CI Galaxy Bitcoin ETF currently holds 3,130.62 Bitcoin, valued at $108 million, while Evolve Bitcoin ETF holds 1,700.31 Bitcoin, valued at $71.207 million.
Currently, Bitcoin ETF funds that have been listed and trading in Canada for 3-4 months hold a total of 47,170.98 Bitcoin, with total assets under management reaching $1.64 billion. This shows that Canada's Bitcoin ETF listing and trading are moving toward normalization, and the ETF scale is growing day by day.
U.S. ETF Applications Continuously Delayed: How Long Can the SEC's "Delay Tactics" Last?
Compared to Canada and Brazil, the United States' Bitcoin ETF journey can only be described as "boss mode." From 2013 to present, more than a dozen institutions have applied, but all have been rejected.
On June 17, the U.S. SEC stated that it needs more time to make a decision on the Van Eck Bitcoin ETF, and therefore would continue to delay the review before the 45-day review window period (June 17) expires. This is the second time the SEC has delayed its review during this Van Eck ETF application cycle. By June 22, the U.S. SEC decided to extend the Valkyrie Bitcoin ETF review window by 45 days to August 10, citing the same reason of needing more time.
In our article "U.S. SEC Re-examines Bitcoin ETF: Can It Become a Booster Shot for the Crypto Market?" , we noted that when a company submits a Bitcoin ETF listing application to the SEC, the SEC has a 45-day window to review and decide whether to approve, reject, or delay the application. The SEC can extend the window period by up to 240 days.
Typically, to avoid causing excessive market shocks, the SEC often delays controversial applications until the full 240-day window is exhausted before giving a conclusion. So, when exactly will the SEC's "delay tactics" max out? Is there hope to see the United States pass a Bitcoin ETF this year? After studying numerous documents on the SEC's official website regarding Bitcoin ETFs, we identified what the market considers the most competitive Bitcoin ETF applications and created the following review timeline.
The six Bitcoin ETF applications currently considered most competitive by the market are Van Eck, Wisdom Tree, Kryptoin, Valkyrie, Sky Bridge, and Wise Origin (a Fidelity subsidiary). After the SEC publishes an announcement confirming receipt of the 19B-4 forms submitted by exchanges planning to list these Bitcoin ETFs, the review period begins five business days later.
In the table above, we have ranked the applicants based on the order in which the SEC published its confirmation notices, with Van Eck Bitcoin ETF ranked first. The deadline for the SEC's first 45-day review period was May 3, and after two extensions, its review expiration date is now August 1. Considering the maximum 240-day window period, Van Eck Bitcoin ETF's final "judgment day" will be November 14 of this year.
Following Van Eck are Wisdom Tree and Kryptoin. The SEC can delay the review results for these two ETFs up to December 11 and December 24 respectively. If these three Bitcoin ETFs are rejected, we will most likely not see a Bitcoin ETF launch in the United States in 2021.
Ranking last is Wise Origin, a Fidelity subsidiary. As we all know, Fidelity is a U.S. multinational financial services company and the world's fourth-largest mutual fund company. Wise Origin's Bitcoin ETF review deadline is January 26, 2022.
For each rejected Bitcoin ETF proposal, the SEC has clearly stated that the biggest obstacle to approval is the lack of sufficient trading volume on any regulated exchange (whether spot or derivatives), with price manipulation being a potential concern.
However, considering the growing influx of institutional investors into the Bitcoin trading market, the expansion of the Bitcoin market size, the gradual establishment of compliant investment channels, and the first Bitcoin exchange stock landing on U.S. markets, more and more investors believe that SEC approval of a Bitcoin ETF is just a matter of time.
Additionally, what excites the crypto market is that Gary Gensler, the new SEC chair appointed this April, taught cryptocurrency-related courses at MIT. He is also an expert in the cryptocurrency field. In a congressional hearing, Gary Gensler stated, "Cryptocurrency has become a catalyst for change. Bitcoin and other cryptocurrencies have brought new inspiration to payments and financial inclusion. We will work with other commissioners to promote innovation while also providing protection for investors."
The reality is that although Gary Gensler may be a "cryptocurrency supporter," given his role as SEC chair and the principle of investor protection, shortly after taking office, Gensler warned investors about the risks and volatility of the cryptocurrency market. He stated that before the SEC approves Bitcoin ETF applications from Fidelity, Wisdom Tree, Van Eck, and others, it needs to fill the gaps in legal protection for cryptocurrency investors and improve the cryptocurrency regulatory system. This shows that the U.S. SEC still maintains a cautious attitude toward approving Bitcoin ETFs.
In addition to the United States, some institutions have also filed Bitcoin ETF applications in Australia and South Africa. On May 6, Van Eck and Beta Shares submitted ETF applications to the Australian Securities Exchange respectively. The Australian Securities Exchange declined to speculate or comment on these applications but stated that it is closely monitoring developments involving listed investments in Bitcoin and other cryptocurrencies.
On June 14, the Johannesburg Stock Exchange in South Africa rejected the Bitcoin ETF application filed by asset management company Sygnia, stating that the cryptocurrency lacks a regulatory framework. It is reported that this was Sygnia's second attempt to list a Bitcoin ETF. The company had a similar application in 2017, which was also rejected by the Johannesburg Stock Exchange on the grounds that the exchange was not yet ready to approve cryptocurrency listings.
Currently, Canada and Brazil, as the only two countries that have approved Bitcoin ETF issuance, are the most friendly toward cryptocurrency. Other countries, for the time being, maintain a cautious and conservative attitude. However, with the development and growth of the Bitcoin market, we believe the dawn of hope is just ahead.
Disclaimer
This article may contain product-related content not applicable to your region. This article is only committed to providing general information and is not responsible for any factual errors or omissions. This article represents only the author's viewpoint and does not represent the views of OKX . This article is not intended to provide any advice, including but not limited to: (i) investment advice or investment recommendations; (ii) offers or solicitations to purchase, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holdings of digital assets (including stablecoins) involve high risk, may fluctuate significantly, or may even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For questions regarding your specific circumstances, please consult your legal/tax/investment professional. The information in this article (including market data and statistics, if any) is provided for general reference only. Although we have taken all reasonable precautions in preparing this data and these charts, we assume no responsibility for any factual errors or omissions expressed herein. © 2025 OKX. This article may be reproduced or distributed in its entirety, and excerpts of 100 words or less may be used, provided that such use is non-commercial. Any reproduction or distribution of the full article must prominently state: "This article is copyrighted © 2025 OKX, used with permission." Permitted excerpts must cite the article name and include attribution, for example, "Article Name, [Author Name (if applicable)], © 2025 OKX." Some content may have been generated or assisted by artificial intelligence (AI) tools. Derivative works and other uses of this article are not permitted.
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