The SEC Will Consider ARK Invest’s Bitcoin ETF Application Before BlackRock’s
ARK Invest and 21Shares submitted their applications to the SEC to launch a spot Bitcoin ETF ahead of BlackRock, according to Bloomberg.
This challenge to the notion that BlackRock may be first in line has been supported by Yassine Elmandjra, an analyst at ARK Invest, who noted that a similar proposal for a spot ETF had already been implemented in April this year.
Similarly, James Seyffart, Bloomberg’s analyst, explained that 21Shares, ARK and CBOE are expected to be decided on by the SEC on August 13, 2023.
This has led to an influx of ETF proposals from Valkyrie, BlackRock, WisdomTree and Invesco, with Fidelity Investments soon to follow, and speculation that this suggests the SEC may be changing its policy regarding spot exchange-traded funds based on Bitcoin.
Nate Geraci, President of ETF Store, commented, “It’s hard to believe this is all a coincidence.”
