ARK Investment Management has filed an amended spot Bitcoin exchange-traded fund (ETF) application with the US Securities and Exchange Commission (SEC).
Cathie Wood's Investment Firm and European Asset Manager 21Shares Have Both Filed for a Spot BTC ETF
ARK Investment Management has filed an amended spot Bitcoin exchange-traded fund (ETF) application with the US Securities and Exchange Commission (SEC).
The application now includes a surveillance sharing agreement with the Chicago Mercantile Exchange (CME) futures markets and a crypto exchange. With this change, ARK now has an advantage over other applicants to launch the first spot Bitcoin ETF in the US.
Cathie Wood's investment firm and European asset manager 21Shares have both filed for a spot BTC ETF, but their previous applications were denied in 2021 and 2022.
ARK’s request is believed to be the front-runner for a Bitcoin ETF, as its next SEC decision date is August 13, 2023, while there is no date yet for the other 19b-4 applications like the one from BlackRock. Even with approval, ARK must still choose a cryptocurrency exchange to sign a surveillance-sharing contract with. Although Coinbase may be a strong choice, it has already collaborated with BlackRock to serve as a Bitcoin custodian should approval be given.
Other financial investment firms, such as Valkyrie, WisdomTree and Invesco, have also filed again, and Fidelity is reportedly preparing to refile for a spot Bitcoin ETF too.
