The SEC must decide on Ark Investment’s bitcoin ETF application by January 10, 2024
The U.S. Securities and Exchange Commission (SEC) has a deadline of January 10, 2024, to approve or reject Ark Investment’s spot bitcoin ETF application. This comes after the SEC postponed its decision date and sought public opinion on the vulnerabilities of spot BTC ETFs. Cathie Wood, founder of Ark Invest, is hopeful for a positive answer from the SEC and believes that approval will give spot bitcoin ETFs a “seal of approval” they didn’t have before. Bloomberg analysts estimate the odds of the SEC approving spot ETFs at over 60%. The Ark21Shares Bitcoin ETF, developed in collaboration with 21 shares, will track the performance of bitcoin and be listed on the Cboe BZX Exchange.
Ark Investment sells GBTC shares and Coinbase stocks
Ark Investment recently sold about 102,672 Grayscale Bitcoin Trust (GBTC) shares and over 200K Coinbase (COIN) shares. Despite these sales, GBTC still holds the third-largest position in ARK Next Generation Internet ETF (ARKW), accounting for approximately 8.36% of the ETF’s portfolio. These sales indicate Ark’s bullish sentiment as they stock up shares during market downturns and sell during upturns.
Bullish momentum for BTC in Q4 2023
In the final quarter of 2023, BTC has experienced an upward momentum in price. Currently trading at $43,924, it has seen a more than 16% rise compared to its value a month ago.
Hot Take: SEC Approval Could Boost Bitcoin ETF Market
The approval of Ark Investment’s spot bitcoin ETF application by the SEC could have a significant impact on the market. It would provide a “seal of approval” for spot bitcoin ETFs and increase their credibility. This could attract more institutional and retail investors to the market, leading to increased demand and potentially driving up the price of bitcoin. Cathie Wood’s optimistic outlook on BTC’s future price, with estimates ranging from $1 to $1.5 million, further highlights the potential positive effects of SEC approval. Overall, the decision by the SEC holds great importance for the future of bitcoin ETFs and the broader cryptocurrency market.
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