The U.S. Securities and Exchange Commission has delayed global asset manager BlackRock’s application for a bitcoin exchange-traded fund.

The asset manager is said to have $8.5 trillion in assets on its books and owns the iShares Bitcoin Trust Delay, designed to provide investors with access to the Bitcoin market without having direct exposure to Bitcoin itself. In June, BlackRock submitted a bitcoin-backed ETF application to the US SEC, with Coinbase Custody listed as the planned custodian of the fund’s bitcoin holdings, while Bank of New York Mellon will be responsible for its fiat accounts.

BlackRock’s filing outlines the value of these stocks in removing “hurdles posed by the complexities and operational burdens involved in investing directly in bitcoin.” Cryptocurrency asset manager Grayscale Investments has successfully overturned a U.S. Securities and Exchange Commission (SEC) decision that initially rejected its over-the-counter Grayscale Bitcoin Trust (GBTC) listing on August 29, Resulting in delayed listing of ETFs.

On August 31, a batch of Bitcoin ETFs has been delayed by the SEC. The committee assigned longer deadlines to review applications from WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity.

This is a developing story and more information will be added as it becomes available.