Ark Invest Updates Spot Bitcoin ETF Filing, Progress Towards Approval
Investment management firm Ark Invest has updated its spot Bitcoin ETF filing with the U.S. Securities and Exchange Commission (SEC), signaling further progress towards future approval. The revised prospectus addresses concerns raised by the SEC, including deviations from Generally Accepted Accounting Principles (GAAP) in the Net Assets Value (NAV) Determination section. The prospectus also states that the Trust’s assets are stored in segregated accounts on the Bitcoin blockchain when held with the Custodian, ensuring their separation from other assets.
With these revisions, Ark Invest has comprehensively addressed the SEC’s comments, and now it’s up to the SEC to make a final decision on approval. Bloomberg’s senior ETF strategist Eric Balchunas believes the likelihood of rejection is low and estimates a 75% chance of approval by year-end.
Bitcoin investors are eagerly awaiting the approval of the spot Bitcoin ETF as it will bring new liquidity to the market. However, recent delays in approving applications by BlackRock, Bitwise, and others have caused some uncertainty. Nevertheless, Ark Invest’s updated filing indicates positive ongoing dialogue between regulators and financial giants, increasing confidence in bringing these products to market.
Some analysts believe that now is a good time for long-term investors to start buying BTC. Despite recent price declines due to macro developments and expectations of a Fed rate hike, there is optimism surrounding Bitcoin ETF approvals.
Hot Take: Positive Outlook for Bitcoin ETF Approval
The recent update to Ark Invest’s spot Bitcoin ETF filing signals progress towards approval by addressing concerns raised by the SEC. With ongoing dialogue between regulators and financial giants, there is growing confidence in bringing these products to market. This development is crucial for Bitcoin investors as it will introduce new liquidity into the market.
While recent delays in approving other applications have caused some uncertainty, analysts believe that now is a good time for long-term investors to consider buying BTC. The likelihood of rejection for the spot Bitcoin ETF is estimated to be low, with a 75% chance of approval by year-end. Overall, there is a positive outlook for the approval of Bitcoin ETFs, which could have significant implications for the cryptocurrency market.
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