The US Securities and Exchange Commission has not yet come to a decision on whether to approve the ARK 21Shares Bitcoin ETF application, delivering another delay for the long-awaited product.

The issuer had originally filed for a spot product in April and regulators had until Sunday to say whether they would approve, reject or delay on coming to a decision.

An ETF that invests directly in Bitcoin has never been green-lit in the US. The latest batch of applications, however, which includes one from BlackRock Inc., has some analysts hoping that a spot product could start trading soon.