By Nathan Ferguson
An investment company founded on the behalf of Cathie Wood (a veteran investor), ARK Investment, is making another attempt to introduce a spot BTC (Bitcoin) ETF (exchange-traded fund) across the United States.
On 13th May, another application was submitted by ARK Invest for the release of the ARK 21Shares Bitcoin ETF (the physical BTC ETF), as per a filing submitted with the Securities and Exchange Commission (SEC) of the United States. The application takes into account a proposed rule modification from CBOE (Chicago Board Options Exchange) BZX Exchange. Henry Jim, an ETF analyst at Bloomberg, stated that the coming year’ 24th January is the unique deadline for the acceptance or elimination of the ARK 21Shares Bitcoin ETF.
The exclusive submission is witnessed just after the rejection of the application filed for the release of ARK 21Shares BTC ETF (which was witnessed in April’s early days). Initially, in June previous year, a partnership was carried out between Ark Invest as well as 21Shares (a European issuer of ETFs) to request a spot BTC ETF to be listed by CBOE BZX Exchange. As mentioned in the new filing, the target to be achieved by the ARK 21Shares BTC ETF is to track Bitcoin’s performance, in line with the S&P Bitcoin Index’s performance.
While pursuing to accomplish the investment objective, Bitcoin will be held by the trust and the regular shares will be valued by it according to the index, as noted in the application. At the moment it is not clear whether the SEC will approve a spot BTC ETF hence this has turned into a widely discussed topic. Throughout the community, the event of such an approval would be of great significance as the agency has not yet sanctioned even a single application for spot BTC ETFs.
The analysts in the field of ETFs are of the view the event of a spot BTC ETF’s approval will be seen in the mid of the next year. Grayscale, a giant in crypto investment, is positioned among many firms that endeavored a lot to launch their spot Bitcoin ETF within the U.S. in the latter days of March, Michael Sonnenshein (the chief executive officer at Grayscale) asserted that the platform is all set to file a legal case if the SEC denies the application of the company for a Bitcoin Spot ETF.
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