ARK Investment Management, led by Bitcoin advocate Cathie Wood, is undeterred in its efforts to introduce a spot Bitcoin exchange-traded fund (ETF) in the United States. The firm recently filed its third amended application for the proposed ARK 21Shares Bitcoin ETF in a pursuit of regulatory approval.
If given the thumbs up, the ETF is will trade on the Chicago Board Options Exchange’s BZX Exchange under the symbol ARKB. The latest filing on November 20 marks the third amendment to the proposal since the initial filing back in April 2023.
Notably, ARK’s October amendment was viewed positively by experts. It signalled progress in the intricate journey toward regulatory approval.
ETF application setback
ARK has had a setback in September 2023, when the SEC delayed its decision. However, optimism surrounds the recent filing.
The deadline for the SEC’s verdict on ARK’s application is now set for January 11, 2024. Bloomberg ETF analyst Eric Balchunas highlighted the risk disclosures aimed at meeting corporate finance requirements.
Of particular interest is ARK’s commitment to in-kind creations and redemptions. They have employed a hybrid model to mitigate tax and spread concerns.
The more updates to these documents, the better, showing them getting these bad boys in shape for SEC approval
Bloomberg ETF analyst Eric Balchunas on X.
Fellow Bloomberg ETF watcher James Seyffart also suggested that the latest filing indicated progress in ongoing conversations with the SEC.
Amendments signal determination, and it’s worth noting that not all spot Bitcoin ETF applications are known the same path. As of mid-November, Franklin Templeton and Global X stand out as the only two out of 12 firms yet to amend their S-1 filings.
Industry insiders must be closely monitoring the developments. Investors and enthusiasts alike await the SEC’s decision. Everybody is slowly recognizing the significance of the intersection of traditional finance and the crypto market.