Cathie Wood Expects Delay for ARK Invest’s Bitcoin ETF
Cathie Wood, the CEO of ARK Invest, predicts another delay for the company’s proposed spot bitcoin ETF. The U.S. Securities and Exchange Commission (SEC) is nearing the end of its review period for the fund and Wood believes the approval will not come on the expected date of August 13. She also suggests that if the SEC approves a bitcoin ETF, it will likely approve multiple at once. The regulator is currently reviewing applications for eight separate funds, including ARK 21Shares Bitcoin ETF.
Main Points:
- Wood expects a delay for ARK Invest’s proposed spot bitcoin ETF.
- The SEC is reviewing applications for eight separate funds.
- SEC Chair Gary Gensler has expressed concerns about fraud and manipulation in the sector.
- Grayscale argues for inclusion of previously disapproved funds in any possible approval.
- Wood believes marketing and communication will be key factors in the approval process.
Hot Take:
The delay in the approval of ARK Invest’s bitcoin ETF is not surprising given the SEC’s cautious approach towards the crypto industry. However, the fact that Wood anticipates multiple ETF approvals is a positive sign for the crypto market. The SEC’s review of various applications shows a growing interest and acceptance of cryptocurrency investment products. It remains to be seen how the SEC will address concerns about fraud and manipulation, but the potential approval of multiple bitcoin ETFs could further legitimize and boost the adoption of cryptocurrencies.
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