The latest crypto report from wealth manager Canaccord Genuity posits that a long-awaited approval on a bitcoin exchange-traded fund (ETF) likely won't come until 2019.

In its quarterly update on cryptocurrencies, Canaccord, the largest independent investment dealer in Canada, dives into a range of topics, including security tokens and recent developments in cryptocurrency spot prices.

Yet it also hones in on the popular topic of the bitcoin ETF, which the crypto-community has viewed with renewed fervor following a proposed rule change by CBOE, which is seeking to list such a product in conjunction with money manager VanEck and crypto startup SolidX.

And while acknowledging the interest – and hopes – of those supporting the ETF, Canaccord puts forward the view that the SEC will extend its decision timeline as far as it can – until next March. By contrast, the SEC could, in theory, make a decision as soon as this Friday, August 10.

"And although the VanEck SolidX Bitcoin Trust, seen by many as the most formidable candidate for a potential approval, is due for a potential decision as early as this month, it is largely believed that the SEC will extend its deadline, in which case a decision may not be made until March 2019," the firm wrote.

And as Canaccord sought to highlight, other investor-oriented products of a similar nature are already available on the market – outside of the U.S., that is.

"Meanwhile, we note that other bitcoin-based securities (e.g., Bitcoin Tracker One) have been available for trading on regulated exchanges as early as May 2015 in Sweden, while north of the border, Canada is working towards its own bitcoin ETF product, the Evolve Bitcoin ETF," the firm wrote.

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