ARK Invest COO Optimistic About Approval of ETH ETF
According to ARK Invest President and COO Tom Staudt, the approval for a spot Ethereum ETF is coming “soon.” ARK Invest was the first applicant to file for an Ethereum ETF with the SEC and is confident that it will be approved in the near future. Staudt mentioned that the discussions with the SEC have provided confidence in the possibility of an ETH ETF approval, both from a legal and implementation standpoint. The case for Ethereum ETF approval has changed philosophically, operationally, and legally compared to the timeline leading up to the spot Bitcoin ETF approval.
Continued Accumulation
Cathie Wood, CEO of ARK Invest, expressed confidence in a potential turnaround for the crypto market despite Bitcoin’s drop below $40,000. The firm increased its holdings in Ark 21Shares spot Bitcoin ETF while selling ProShares Bitcoin Strategy ETF (BITO). Wood believes that many investors are underestimating Bitcoin’s potential.
Hot Take: Spot Ethereum ETF Approval Expected Soon
The approval of spot Bitcoin ETFs by the SEC had a significant impact on the cryptocurrency market. Now, there is anticipation surrounding the approval of spot Ethereum ETFs. ARK Invest’s COO is optimistic about the approval, considering their status as the first applicant. This development marks a shift in the landscape for Ethereum ETF approval, both philosophically and operationally. Meanwhile, Cathie Wood’s firm continues to accumulate assets in the crypto market, showing confidence in its future prospects.
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