ARK Investment Management led by Bitcoin bull Cathie Wood is committed to launching a spot Bitcoin ETF in the U.S. The firm partnered with European cryptocurrency manager 21Shares to update its application on November 20 for the proposed ETF as per updated prospectus.
ARK and 21Shares in early ARK ETF collaboration.
Following the collaboration between ARK and 21Shares, there is now existence of ARK 21Shares Bitcoin ETF and set to trade on the BZX Exchange as ARKB. It will be enlisted on the Chicago Board Options Exchange (CBOE).
This marks the third time ARK and 21Shares revised their Bitcoin ETF application report since they filed it first in April this year, meaning progress has been made to be more precise following an update back in October.
In September 2023, the U.S. Securities and Exchange Commission (SEC) had delayed its decision on Ark’s application, establishing a new review date for January 11th of year 2024.
Spot Bitcoin ETF Evangelism
Eric Balchunas, an ETF analyst at Bloomberg, said the latest filing has a number of updates on risk disclosures following institutional financing standards. According to Balchunas, the fact that such rigorous conditions are followed is unexpected even for a hybrid model and suggests SEC approval is taking shape.
ARK’s active updates to its S-1 application, as remarked by Bloomberg ETF analyst James Seyffart could be viewed as indicative of some promising developments in SEC discussions. On the other hand, many other spot Bitcoin ETF applicants have not made changes in their filings. This means that by mid-November, only two of the 12 underlying investors without updates were from Franklin Templeton and Global X, suggesting prior engagement levels among the applicants.