ARK Invest’s Spot Bitcoin ETF Application Making Progress with SEC, Says Cathie Wood
Cathie Wood, the CEO of ARK Invest, has revealed that the U.S. Securities and Exchange Commission (SEC) is displaying a shift in attitude towards the firm’s application for a spot market Bitcoin (BTC) exchange-traded fund (ETF). In an interview with CNBC, Wood stated that there has been productive communication between the SEC and ARK Invest’s BTC ETF partner, 21Shares.
Wood noted that the SEC is now actively asking questions and ARK Invest, along with their partner, has provided detailed answers. The final decision regarding the application status of ARK 21 Shares Bitcoin ETF will be made by the SEC on January 10th, earlier than the deadline for other spot market BTC ETFs.
Institutional Interest in Bitcoin Expected to Surge Once ETF is Approved
Wood also emphasized that once the SEC approves a Bitcoin ETF, it will pave the way for institutional investors to enter the market. She believes that institutions will pay close attention to this approval as it signifies the recognition of Bitcoin as a legitimate asset class. Wood added that once institutional interest surges, it will contribute to Bitcoin’s price growth and increase its adoption in mainstream finance.
Hot Take: SEC’s Changing Attitude Towards Bitcoin ETF Application Indicates Positive Development
The recent change in behavior from the SEC regarding ARK Invest’s spot market Bitcoin ETF application suggests a positive development for crypto enthusiasts. The fact that the SEC is actively engaging with ARK Invest and requesting information demonstrates a willingness to understand and potentially approve a Bitcoin ETF. If approved, this could open up new avenues for institutional investment and further validate Bitcoin as an asset class. With a potential surge in institutional interest, Bitcoin’s adoption and value could see significant growth in the coming years.
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