- Cathie Wood said that the Securities and Exchange Commission (SEC) will end its fund review period for the spot Bitcoin ETF recommended by ARK Invest next week.
- The regulator is currently reviewing eight separate fund applications and has accepted applications from asset managers such as BlackRock, Fidelity, VanEck, and Invesco last month.
- The excitement over the possibility of a spot fund triggered a rally in Bitcoin prices, which increased by about 20% within days after BlackRock’s application.
Cathie Wood, CEO of ARK Invest, revealed her expectations for the decision on the ARK 21Shares Bitcoin ETF application being reviewed by the SEC on August 13.
What Does Cathie Wood Expect on August 13?
Cathie Wood stated that the spot Bitcoin ETF recommended by ARK Invest will likely experience another delay, and the SEC’s review period for the fund will end next week.
In an interview on Bloomberg TV on Monday, when asked about a possible delay, Wood said, “I think August 13 will come and go,” and added;
“If the SEC is considering approving a Bitcoin ETF, they will approve more than one at the same time.”
The regulator is currently reviewing eight separate fund applications and has accepted applications from asset managers such as BlackRock, Fidelity, VanEck, and Invesco last month. The ARK 21Shares Bitcoin ETF is in a leading position and currently in a process that can be further extended by the SEC for the next upcoming decision date.
The SEC is also ending the public comment period for many funds this week, which includes a data collection process that includes the opinions of a former cricket player, an urban planner, a mechanic, and a physicist.
Interest in Spot Bitcoin ETF
The excitement over the possibility of a spot fund triggered a rally in Bitcoin prices, which increased by about 20% within days after BlackRock’s application. However, SEC Chairman Gary Gensler expressed concerns about fraud and manipulation in the industry.
Although the proposal to convert Grayscale’s GBTC fund into a spot Bitcoin ETF was rejected by the SEC, Wood argued that any possible approval should include previously rejected funds. Wood added the following;
“In fact, most of these will be the same, and it will come down to marketing and delivering the message.”
