Cathie Wood Dismisses BlackRock’s Bitcoin ETF Advantage: An Insight

• BlackRock and ARK Invest are in a race to launch the first spot Bitcoin ETF in the US.
• ARK Invest’s CEO, Cathie Wood, believes her company has the upper hand in getting approval from the SEC.
• Wood also suggests that BlackRock does not have any insider advantage with the SEC.

Spot Bitcoin ETF: A Race Between BlackRock and ARK Invest

There’s a palpable sense of excitement in the cryptocurrency market as BlackRock, the world’s largest asset management company, and investment firm ARK Invest vie for the approval of the first spot Bitcoin ETF in the US. While BlackRock’s application has stirred up enthusiasm and boosted prices, ARK Invest seems to be in a more advantageous position.

ARK Invest’s Early Bird Advantage

BlackRock submitted its application just last month, whereas ARK Invest made its move as early as April. ARK Invest’s CEO, Cathie Wood, has expressed confidence that her company will be the first to launch a spot Bitcoin ETF in the US, even suggesting that BlackRock will not receive approval before ARK Invest.

Does BlackRock Have an Inside Track with the SEC?

When asked about BlackRock’s Bitcoin ETF application and its chances of success, Wood pointed out that ARK Invest also has an application under review. The SEC has until mid-January to approve ARK Invest’s application, while the deadline for BlackRock’s application is in March. Wood dismissed the notion that BlackRock has any insider advantage with the SEC, stating that it’s an ongoing process. She also mentioned the upcoming conclusion of the Grayscale case, which could potentially increase the chances for a Bitcoin ETF if the SEC loses.

Wood’s Take on a Possible SEC Scenario

Wood also shared her thoughts on a scenario where the SEC approves BlackRock’s spot Bitcoin ETF and rejects ARK Invest’s. The successful CEO does not believe that BlackRock will receive approval before ARK Invest. She noted that while BlackRock’s prospectus contains a surveillance clause that ARK Invest’s does not, she has been informed that amending their prospectus would not take much time and that all exchanges are moving in this direction. Shortly after this interview, ARK Invest revised its application by adding a surveillance clause and resubmitted it to the SEC.