May 23, 2024
Latest Cryptocurrency News

Cathie Wood’s ARK Invest Takes the Lead in Race for Spot Bitcoin ETF

ARK Investment Management, a firm specializing in Bitcoin (BTC) and founded by veteran investor Cathie Wood, is reportedly leading the race for a Bitcoin exchange-traded fund (ETF) spot.

In mid-June, the investment firm BlackRock applied for a spot Bitcoin ETF, which sparked notable optimism in the cryptocurrency markets.

According to some executives and analysts, BlackRock may not be the first issuer of a spot Bitcoin ETF in the United States, despite initial suggestions that they could be. “Other applicants will be able to amend their filings with similar agreements at little cost,” reportedly said ARK analyst Yassine Elmandjra.

Elmandjra stressed that ARK and the European asset manager 21Shares had filed an application with the US Securities and Exchange Commission (SEC) for a spot Bitcoin ETF in April. He added, “That now is the only one ahead of BlackRock’s.”

Bloomberg Intelligence ETF analyst James Seyffart and other industry observers also argued that ARK and 21Shares should be prioritized for a spot Bitcoin ETF. Seyffart stated, “21Shares, ARK and Cboe [Chicago Board Options Exchange] are first in line because their next SEC decision date is Aug. 13, 2023, and we don’t yet have a date for the other 19b-4 applications like the one from BlackRock.”

BlackRock’s filing for the iShares Bitcoin Trust has triggered a wave of reactivated Bitcoin ETF filings. Companies such as Valkyrie, WisdomTree, and Invesco have re-filed for spot Bitcoin ETFs, with reports suggesting that Bitwise is also attempting again for a BTC ETF.

“And our bull case for spot bitcoin ETF approval can be summed up in four words: ‘What does BlackRock know?’” wrote Bloomberg senior ETF analyst Eric Balchunas on Twitter. ETF Institute co-founder Nate Geraci expressed similar sentiments on Twitter on June 26.

Despite growing optimism over the potential arrival of a spot Bitcoin ETF in the US market, many experts believe that such products are not coming soon.

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