ARK Invest and 21Shares Working with SEC on Bitcoin ETF Application
According to ARK Invest CEO Cathie Wood, the firm’s partner 21Shares is collaborating with the U.S. Securities and Exchange Commission (SEC) on their application to launch a Bitcoin spot exchange-traded fund (ETF). Wood stated that the SEC has changed its behavior towards their application, asking questions and receiving responses from both ARK Invest and 21Shares.
“They actually are asking questions and we provided five pages along with our partner of answers to those questions. So progress we would say,” said Wood.
More Bitcoin ETFs Are Coming
In response to whether a Bitcoin spot ETF is appealing, Wood acknowledged that people are interested in her price target for Bitcoin and want to understand her research. She emphasized the need to investigate whether Bitcoin is a new asset class. Wood believes that if the SEC approves a spot Bitcoin ETF, it will attract institutional investment in Bitcoin.
Earlier this month, the SEC approved nine Ethereum futures ETFs. However, analysts suggest that investors may be more interested in crypto spot products as they make it easier for institutional investors to invest in Bitcoin and bring more liquidity to the market.
Fidelity’s Bitcoin ETF Resubmission
Fidelity Investments has refiled its application for its Bitcoin spot product “Wise Origin Bitcoin Trust” with the SEC. The company wants to address concerns previously raised by the regulator, which led to the rejection of its earlier update for the Bitcoin ETF.
The SEC has rejected many applications for spot Bitcoin ETFs in recent years due to concerns about market manipulation and the lack of a surveillance-sharing agreement. However, Wall Street’s bullish sentiment suggests that a Bitcoin spot ETF is likely to be approved in the near future, which would have a positive impact on the price of Bitcoin and the overall cryptocurrency market.
It’s worth noting that BlackRock’s name was recently associated with fake news about the approval of its Bitcoin spot ETF, raising concerns about market manipulation. Despite this, the public’s interest in the approval of a Bitcoin spot ETF remains high.
Hot Take: The Future of Bitcoin ETFs
The collaboration between ARK Invest, 21Shares, and the SEC shows progress in the pursuit of a Bitcoin spot ETF. If approved, this could bring institutional interest and more liquidity to the Bitcoin market. Fidelity’s resubmission also indicates growing optimism for a Bitcoin spot ETF. As Wall Street shows bullish sentiment towards crypto, it is likely that a Bitcoin spot ETF will be approved in the near future. This development could have a significant impact on the price of Bitcoin and contribute to the overall growth of the cryptocurrency market.
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