And just like that, the SEC delays all Spot ETF applications

Not shocking at all to be honest with you but it sure was a funny way to go about it. They denied Wisdomtree, Invesco, VanEck, BitWise, and Valkyrie at the same time but didnt initially deny Blackrock and Fidelity.

People on twitter had speculated that because of Blackrock and Fidelity’s massive AUM and scale they would be the first to be approved (it would also align with the fact that these folks own the SEC) but it wasnt the case. Eric Balchunas, Bloomberg ETF analyst, joked that someone at the SEC “had just went out for coffee between delays”.

What a funny game this turned out to be, now we got the double dump instead of just the one flush.

More pain, more deadlines. See you in October.