Cathie Wood’s ARK Allegedly at the Forefront for a Bitcoin ETF Spot

ARK Investment Management, a prominent cryptocurrency firm founded by renowned investor Cathie Wood, is reportedly leading the race for a spot Bitcoin exchange-traded fund (ETF).

In recent weeks, BlackRock, an investment firm, filed an application for a spot Bitcoin ETF, sparking optimism within the cryptocurrency market. While it was initially speculated that BlackRock might become the first issuer of a spot Bitcoin ETF in the United States, some executives and analysts suggest that ARK Investment Management may take the lead.

According to reports, ARK and European asset manager 21Shares submitted an application for a spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC) back in April. This puts them ahead of BlackRock in terms of the ETF approval process.

Industry observers, including Bloomberg Intelligence ETF analyst James Seyffart, argue that ARK and 21Shares should be prioritized for a spot Bitcoin ETF. Seyffart stated that their next SEC decision date is August 13, 2023, whereas no date has been announced yet for the other 19b-4 applications like the one from BlackRock.

BlackRock’s filing for the iShares Bitcoin Trust prompted other companies, such as Valkyrie, WisdomTree, Invesco, and Bitwise, to re-file for spot Bitcoin ETFs. Some industry experts speculate that BlackRock’s timing may suggest insider knowledge regarding the SEC’s BTC ETF policies.

Despite the growing optimism surrounding the arrival of a spot Bitcoin ETF in the U.S. market, many experts believe that such products will not be available in the near future. Wilshire Phoenix’s partner, Wade Guenther, told CryptoGrafos that the SEC has made limited progress since the Winklevoss twins’ initial filing in 2017, suggesting that it may take until next year or even longer for a spot Bitcoin ETF to be approved.

ETF Institute co-founder Nate Geraci also predicted that a spot Bitcoin ETF would not be seen in 2023. The SEC’s review process and lack of substantial developments in the space are key factors contributing to the extended timeline for approval.

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