ARK Invest CEO Cathie Wood Believes SEC Will Approve Multiple Bitcoin Spot ETFs
ARK Invest CEO Cathie Wood predicts that the U.S. Securities and Exchange Commission (SEC) will approve multiple Bitcoin spot exchange-traded funds (ETFs) simultaneously. In an interview with Bloomberg Television, Wood suggests that the SEC will likely extend the decision date for ARK’s 21Shares Bitcoin spot ETF application, which is currently set for August 13th. She believes that if the SEC approves one Bitcoin ETF, it will approve several more since most of them are similar, and the decision will come down to marketing and communication.
Main Points:
- The SEC may approve multiple Bitcoin spot ETFs at the same time
- No US Bitcoin spot ETF applications have been approved yet
- The SEC’s decision on a June application from BlackRock is highly anticipated
- Previously denied Bitcoin spot ETF applications included one from ARK
- Crypto asset manager Grayscale is suing the SEC over its denied ETF application
Wood expresses her belief that the SEC will lose the Grayscale case, questioning how the SEC can approve a Bitcoin futures ETF and not a Bitcoin ETF. She argues that a Bitcoin ETF would offer better consumer protection since it is backed 1:1 with Bitcoin in Coinbase’s cold storage, eliminating counterparty risks.
Hot Take:
Cathie Wood’s prediction that the SEC will approve multiple Bitcoin spot ETFs simultaneously indicates growing acceptance and mainstream adoption of cryptocurrencies. If her forecast proves correct, it could open up new investment opportunities for crypto enthusiasts and potentially attract more institutional investors into the market.
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