Cathie Wood’s Ark Invest Updates Spot Bitcoin ETF Filing
Ark Invest, the investment management firm known for identifying disruptive technology trends, has made an update to its Spot Bitcoin ETF filing with the SEC. This move comes after the SEC engaged with issuers to address questions and streamline filings. The updated filing indicates a proactive engagement between Ark Invest and the SEC, suggesting progress towards future approval.
NAV Calculations and Transparency
The latest update addresses the Net Asset Value (NAV) calculations for the Bitcoin ETF. Previously, there was uncertainty about how Ark Invest would calculate NAV. The updated filing clarifies that NAV calculations will not adhere to Generally Accepted Accounting Principles (GAAP). This demonstrates Ark Invest’s commitment to addressing technical queries from the SEC and shows positive movement in the regulatory review process.
Asset Security on the Bitcoin Blockchain
Ark Invest emphasizes asset security by stating that Bitcoin assets held by the Trust’s Custodian will be stored in segregated accounts on the Bitcoin blockchain. These accounts will not mix with corporate or customer assets, ensuring high levels of security, transparency, and accountability. This measure directly addresses the SEC’s concerns regarding investor asset safety.
Meticulous Editing and Ongoing Dialogue
The updated filing includes several noteworthy changes throughout the document. Analysts Eric Balchunas and James Seyffart highlight these changes as evidence of ongoing dialogue between Ark Invest and the SEC to address regulatory roadblocks. While approval is not imminent, these discussions are seen as encouraging signs.
Potential Delays and Elastic Regulatory Timeline
Balchunas suggests that further delays may occur due to back-and-forths on “small but important details” before receiving final approval from the SEC. The regulator recently extended the timeline for commission action, indicating more time is needed for a decision. Despite the initial expectation of a decision by September 26, the regulatory process seems to be progressing in a promising direction.
Ark Invest’s Transparent Approach
The recent updates to Ark Invest’s filing bring the firm closer to SEC approval for its Spot Bitcoin ETF. The proactive amendments demonstrate a meticulous and transparent approach in addressing the SEC’s concerns. While there may still be obstacles ahead, this progress sets a precedent for other issuers awaiting approval.
Hot Take: Progress Towards Approval of Ark Invest’s Spot Bitcoin ETF
Ark Invest’s updated filing with the SEC indicates positive movement towards future approval of its Spot Bitcoin ETF. The firm’s commitment to transparency and addressing regulatory concerns is evident in the filing. While there may be further delays and discussions, the ongoing dialogue between Ark Invest and the SEC is seen as an encouraging sign for potential approval in the future.
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