Asset management firm ARK Investment Management has updated its filing for a Bitcoin Spot exchange-traded fund (ETF) in the United States, giving it an advantage in the race to be the first to launch such a product. The filing now includes a surveillance sharing agreement with the Chicago Board Options Exchange (CBOE) and a crypto exchange, likely Coinbase. This move aligns ARK’s filing with BlackRock’s recent filing and increases the likelihood of approval. The Securities and Exchange Commission (SEC) has previously rejected Bitcoin ETF applications due to concerns about surveillance and regulatory oversight. This agreement allows ARK to share surveillance information with the CME futures markets and the crypto exchange, potentially addressing the SEC’s concerns. The SEC is expected to make a decision in August, and any delay could be a negative sign for approval unless BlackRock’s ETF is approved first. However, Ophelia Snyder, co-founder of 21shares, argues that a crypto exchange would not enter into a surveillance sharing agreement with only one party, as these agreements are meant to improve market transparency and linkages. It remains to be seen whether ARK’s agreement will be enough to convince the SEC to approve its Bitcoin ETF application. Additionally, ARK may face challenges from competitors like BlackRock, who may not allow Coinbase to enter an agreement to help ARK beat them to market. The race for the first Bitcoin ETF in the US is highly competitive, and the outcome will depend on the SEC’s decision and the actions of competitors and the broader cryptocurrency industry.
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