ARK Investment Management Persistence in Pursuing Bitcoin ETF Despite Delays
ARK Investment Management, a company established by Bitcoin advocate Cathie Wood, is continuing its efforts to launch a spot Bitcoin exchange-traded fund (ETF) in the US. The ETF, named the ARK 21Shares Bitcoin ETF, is a collaboration between ARK and 21Shares and will trade on the Chicago Board Options Exchange’s BZX Exchange under the ticker symbol ARKB if it is approved. This is the third time the prospectus for the ETF has been amended since the initial filing. The most recent amendment, filed on November 20, reveals numerous risk disclosures that were added to meet corporate finance requirements, indicating progress in the approval process.
The SEC has previously delayed its decision on ARK’s application, and the new deadline for the decision has been set for January 11, 2024. Despite the delays, analysts such as Eric Balchunas and James Seyffart believe that the amendments to the prospectus demonstrate progress in the conversations with the SEC. Although ARK has been actively amending its application, not all spot Bitcoin ETF filers have amended their filings, with only two firms out of 12 not filing amendments as of mid-November.
Hot Take: Progress Being Made Despite SEC Delays
ARK Investment Management’s persistence in pursuing the approval for the ARK 21Shares Bitcoin ETF demonstrates a commitment to providing more opportunities for retail investors to gain exposure to Bitcoin. Despite the delays from the SEC, the continuous updates to the prospectus show progress being made in addressing regulatory concerns, which could eventually lead to the approval of the ETF.
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