The list of bitcoin ETF applications awaiting a ruling from the US Securities and Exchange Commission (SEC) is expanding, as BlackRock, Fidelity, Bitwise, and VanEck faced delays on Thursday.

The SEC's inclination for additional time has become a pattern, with these extensions following postponed decisions on analogous proposals from WisdomTree, Valkyrie, and Invesco.

Echoing previous deferrals, the SEC explained in the most recent series of submissions that the extension was necessary "to allow sufficient time to review the proposed rule change and the concerns raised within."

This regulatory body now possesses an additional 45-day window to assess these proposals, shifting the new deadlines to around mid-October. Subsequently, the SEC has the option to approve, reject, or further postpone its decisions.

In total, the SEC has 240 days—beginning from mid-July when it introduced the four proposals in the federal register—to make determinations regarding these proposed products. This sets the ultimate deadline for the SEC's decision on whether to permit their trading or hinder them from doing so by March 2024.

BlackRock, boasting an asset management portfolio exceeding $9 trillion, attracted attention when it submitted its iShares Bitcoin Trust application in June. This move led to renewed filings from other companies that had formerly pursued similar products.

Fidelity, a fellow major player in financial services, was among these companies, re-submitting its Wise Origin Bitcoin Trust application later the same month. The firm had initially sought a bitcoin ETF in 2021, an endeavor that the SEC halted in January 2022.

Although fund providers have sought approval for spot bitcoin ETFs as early as 2013, the SEC has never granted permission for their advancement.

Last month, the SEC deferred its ruling on a comparable proposed fund by Ark Invest and 21Shares, revealing its intent to "institute proceedings" and soliciting public input. The 240-day countdown for the SEC's determination on that product proposal concludes on January 10, 2024.