ARK Invest and 21Shares Bitcoin ETF Update
There’s been an update on the ARK Invest and 21Shares Bitcoin ETF application. The two companies have made an amendment to their joint form S-1 application with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin (BTC) ETF. This comes as the industry eagerly anticipates the approval of such products in the near future.
One of the notable changes is the disclosure of the fund’s basis point (bps) fee, which is stated as 80 bps. This means that ARK Invest and 21Shares are the first to publicly disclose this fee, signaling progress in their talks with the SEC.
Amid this development, other issuers like WisdomTree have also made amendments to their bids, while the SEC has delayed its decision on applications from Franklin Templeton and Hashdex.
Future of Bitcoin ETF Approval
Despite the SEC’s history of rejecting crypto-related ETFs tied to spot prices, experts predict a 90% chance that the SEC will approve a spot Bitcoin ETF by January 2024. This is significant, given the commission’s previous rejections and its approval of futures ETFs pegged to similar assets.
Furthermore, issuers like BlackRock are also moving forward with applications for spot Bitcoin and spot Ethereum ETFs, indicating a shift in the SEC’s approach to these investment products.
Hot Take
Cathie Wood’s company is making significant strides in the approval process for the ARK 21Shares Bitcoin ETF, setting the stage for potential advancements in the regulation and availability of crypto-related investment products in the U.S.
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