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Why the Winklevoss Brothers Are Still Waiting for a Bitcoin ETF …

The Winklevoss Bitcoin Trust may be inching closer to becoming the first bitcoin ETF listed on a major stock exchange, but that potentially historic date could be further off than some might think.

Announced three years ago by investors Tyler and Cameron Winklevoss, the Winklevoss Bitcoin Trust continues to draw attention, despite delays. As it would trade baskets of shares tied to real bitcoins, retail investors have long seen its approval as a boon for the price of bitcoin and the ecosystem as a whole.

It turns out, though, that even in spite of imminent deadlines that suggest approval may be forthcoming, a real decision could still be months away.

After spending two years trying to get listed on Nasdaq, the effort picked up momentum in June when the Winklevoss brothers filed to move their application to the BATS exchange. Within two weeks of that change, SEC assistant secretary Jill Peterson opened a comment period as part of the approval process.

A 45-day period that started with that filing is set to elapse at the end of this week.

But according to analysts, the publication of the form on the Federal Register didn't kick off a 45 day "clock,"

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