- ARK Invest states that they will receive approval for a Bitcoin (BTC) exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC) before BlackRock.
- According to a new report, ARK Invest analyst Yassine Elmandjra says that ARK is “at the forefront” for a BTC ETF.
- As stated by an ARK representative, ARK Invest and 21Shares are the strongest candidates for potential approval of a spot Bitcoin ETF.
According to information from investment firm ARK Invest, the likelihood of ARK’s Bitcoin ETF application being approved before BlackRock is higher.
ARK Invest Believes Their ETF Will Be Approved
ARK Invest states that they will receive approval for a Bitcoin (BTC) exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC) before BlackRock.
According to a new report, ARK Invest analyst Yassine Elmandjra says that ARK is “at the forefront” for a BTC ETF;
“ARK and 21Shares have applied to the SEC for a Bitcoin ETF that is currently ahead of BlackRock.”
As stated by an ARK representative, ARK Invest and 21Shares are the strongest candidates for potential approval of a spot Bitcoin ETF. The next SEC decision date is planned for August 13, 2023.
According to ARK analysts, BlackRock’s Bitcoin ETF application is notable for its unique exchange surveillance sharing agreement. However, other applicants may also update their applications with similar agreements.
Bloomberg Intelligence ETF analyst James Seyffart said the following;
“21Shares, ARK, and Cboe are at the forefront because the next SEC decision date is 8/13/23, and we do not yet have a date for other 19b-4 applications like BlackRock. If Cboe believes there is a path to ETF approval, I can assume they are considering updating the 19b-4 rule change proposal to add a surveillance sharing agreement with Coinbase.”
SEC Has Not Approved a Spot Bitcoin ETF Yet
In the past, many investment firms have submitted applications to the SEC to launch spot Bitcoin ETFs in the U.S., but so far, the SEC has not approved any spot Bitcoin ETFs. The SEC has not completely rejected applications involving Bitcoin, as they recently approved a leveraged Bitcoin ETF, which became the first leveraged Bitcoin ETF in the U.S.
This approach by the SEC and the consecutive spot Bitcoin ETF applications from investment giants like BlackRock, Invesco, and Valkyrie have renewed the community’s hopes and led to a rapid increase in the price of Bitcoin.
