Cathie Wood, a veteran investor, founded ARK Investment Management. This investment firm is attempting to launch a spot Bitcoin exchange-traded fund in the United States.
According to a filing made with the U.S Securities and Exchange Commission, ARK Invest filed on May 13 a second application for its physical Bitcoin ETF. This was the ARK 21Shares Bitcoin Exchange Fund. The application contains a proposal to change the rule of Chicago Board Options Exchange (CBOE), BZX Exchange.
Henry Jim, Bloomberg ETF analyst, stated that the latest deadline to approve or deny the ARK 21Shares Bitcoin ETF was January 24, 2023.
This latest filing follows a rejection by the SEC of the application for the ARK 21Shares Bitcoin Exchange Tradeable Fund in April. Ark Invest initially partnered with 21Shares, an European ETF issuer, to file for a spot Bitcoin ETF on the CBOE BZX Exchange. The listing is expected to be made in June 2021.
According to the most recent filing, the investment objective for the ARK 21Shares Bitcoin Exchange Traded Fund (ETF) is to track Bitcoin’s performance in line with that of the S&P Bitcoin Index. The application states that the trust will hold Bitcoin in order to meet its investment objective. It will also value shares each day based on the index.
Related: Why the US needs a spot Bitcoin ETF: 21Shares CEO
The possibility of an approval by the SEC of a spot Bitcoin ETF is still a highly anticipated event in the community. The SEC has not yet approved multiple spot Bitcoin ETF application. ETF analysts predict that a spot Bitcoin ETF will be realized by mid-2023.
Grayscale, a cryptocurrency investment company, is one of many companies that has been aggressively moving to launch a spot BTC ETF here in the United States. Grayscale CEO Michael Sonnenshein stated that the company was prepared to file a lawsuit if Grayscale’s BTC Spot Exchange Trade Fund is denied by The SEC in March.
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