Bitcoin exchange-traded funds (ETFs) continue to dominate discussions in the financial world. BlackRock recently submitted an application for a spot Bitcoin ETF and garnered enthusiastic market response and driving up prices . At first BlackRock was anticipated to secure the first spot Bitcoin ETF approval from the U.S. Securities and Exchange Commission (SEC) but ARK Invest appears to be in a better position to claim this distinction.
ARK Invest’s Earlier Application and Cathie Wood’s Confidence
Prior to BlackRock’s most recent filing ARK Invest had submitted its application for a Bitcoin ETF back in April . CEO of ARK Invest Cathie Wood declared with assurance that her business will get permission before BlackRock sets itself up to introduce the first Bitcoin ETF in the US.
Wood was asked about BlackRock’s application and the prospect of success in an interview with Fortune magazine . Wood replied that the SEC had until mid January to decide whether to approve ARK Invest’s application which was also pending. BlackRock’s application deadline falls in March. Wood dismissed the notion that BlackRock possesses inside knowledge and emphasized that the approval process would likely continue for some time . However she mentioned that the outcome of the Grayscale case which is expected to conclude in August could impact the chances of a Bitcoin ETF approval.
Potential Outcomes and ARK Invest’s Adaptation
Wood also talked about the prospect of the SEC approving BlackRock’s spot Bitcoin ETF but rejecting ARK Invest’s proposal . She made reference to differences between their prospectuses and expressed her doubt that BlackRock would obtain permission before ARK Invest. Wood emphasized that although BlackRock’s prospectus contains a monitoring provision and ARK Invest’s does not, the necessary revisions may still be made on time to fulfill market expectations .
As the race for the first spot Bitcoin ETF continues investors and industry participants are excitedly waiting for the SEC’s decisions which will shape the future of cryptocurrency investment opportuniities in the United States .