BlackRock’s Bitcoin ETF becomes the seventh application postponed by the SEC on August 31.

The United States Securities and Exchange Commission (SEC) has postponed a decision on an application for a Bitcoin (BTC) exchange-traded fund submitted by global asset manager BlackRock.

BlackRock, a company managing over $8.5 trillion in assets, experienced a delay regarding its iShares Bitcoin Trust following its application to the SEC. In June, BlackRock submitted a request for a BTC-backed ETF, with Coinbase designated as the intended custodian for the fund’s Bitcoin assets and the Bank of New York Mellon responsible for its fiat accounts.

BlackRock’s submission highlighted the advantages of the shares in alleviating “obstacles posed by the complexities and operational challenges associated with a direct investment in Bitcoin.” The ETF delay occurred after cryptocurrency asset manager Grayscale Investments sought to overturn an SEC decision that had initially rejected the listing of its over-the-counter Grayscale Bitcoin Trust (GBTC) on August 29.

Related: Grayscale wins the court battle, but what does this mean for a spot Bitcoin ETF?

Many within the cryptocurrency community indicated that the approval of a spot Bitcoin ETF backed by BlackRock — the largest asset manager globally — would represent a favorable advancement for adoption. The delay grants the SEC an additional 45 days from the publication in the Federal Register to approve, deny, or further postpone the BlackRock application, with the next deadline set for October 17.

A number of Bitcoin ETFs were also postponed by the SEC on August 31. The commission allocated more time to review applications from WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity.

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