ARK Invest Leads the Way in Bitcoin ETF Filing
ARK Invest has taken the lead in filing the final Form S-1 amendment for its proposed spot Bitcoin exchange-traded fund (ETF) ahead of a deadline set by the US Securities and Exchange Commission (SEC).
Deadline for Final S-1 Amendments
The SEC allegedly set a deadline of December 29, 2023, for ETF applicants to file their final S-1 amendments to be considered in what Bloomberg analyst Eric Balchunas has called “the crucial first tranche of the race.”
Prompt Response from ARK Invest
Officials from the SEC reportedly met with representatives from at least seven firms on December 21, emphasizing the importance of meeting the specified deadline. ARK Invest responded promptly by filing an amendment to the S-1 registration statement for its Ark 21Shares Bitcoin ETF on December 28.
Focusing on Authorized Participants
According to Bloomberg’s Balchunas, ARK Invest’s amendment was focused on authorized participants, or APs for short.
Rush to Submit Amended Filings
The move follows a revision by Ark on December 19, aligning its application with changes to cash creations and redemptions for shares in the fund. As more than a dozen firms compete for approval of a spot Bitcoin ETF, the rush to submit amended S-1 filings is expected to continue.
The “Bridge” Between Traditional Finance and Crypto
The ETF Store, Inc. president Nate Geraci sees the Bitcoin ETF as “the bridge” that will bring traditional finance investors and crypto fans together. He believes that this development is forcing both sides to learn more about each other.
Hot Take: ARK Invest Sets the Pace for Bitcoin ETF Amendments
ARK Invest is leading the way in filing the final Form S-1 amendment for its proposed Bitcoin ETF, setting an example for other firms to follow. By promptly responding to the SEC’s deadline, ARK Invest demonstrates its commitment to getting its ETF approved. With a focus on authorized participants and a rush among firms to submit amended filings, the race for a spot Bitcoin ETF approval is heating up. The Bitcoin ETF has the potential to bridge the gap between traditional finance investors and crypto enthusiasts, bringing them together in a new era of investment opportunities.
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