July 21, 2024
RK, 21Shares Refresh Bitcoin ETF Bid Ahead of SEC Deadline
Bitcoin News

Ark Invest and 21Shares Refresh Bitcoin ETF Bid Ahead of SEC Deadline

In a persistent pursuit of bringing a spot Bitcoin exchange-traded fund (ETF) to the U.S. market, ARK Investment Management and 21Shares have filed another amended prospectus for their jointly developed product. This marks the third amendment since the initial filing in April 2023, signaling their unwavering dedication to this endeavor.

The proposed ARK 21Shares Bitcoin ETF is intended to trade on the Chicago Board Options Exchange’s BZX Exchange under the ticker symbol ARKB. The latest amendment incorporates numerous updates, including comprehensive risk disclosures tailored to meet corporate finance requirements.

ARK’s steadfastness in amending the prospectus has been met with positive assessments from industry experts. Bloomberg ETF analyst Eric Balchunas noted the company’s adherence to in-kind creations and redemptions, a strategy that aims to minimize tax and spread issues. He further commented that the ongoing amendments demonstrate ARK’s meticulous efforts in aligning the product with SEC approval standards.

Echoing Balchunas’ sentiment, Bloomberg ETF watcher James Seyffart suggested that the latest filing reflects a positive trajectory in ARK’s ongoing discussions with the SEC. This aligns with the company’s consistent approach of addressing SEC feedback and refining the prospectus accordingly.

While ARK has been actively engaged in refining its application, not all spot Bitcoin ETF filers have followed suit. According to data compiled by Steyfart, Franklin Templeton and Global X are the only two firms out of 12 spot Bitcoin ETF filers that haven’t amended their S-1 filings since the initial submission.

ARK’s perseverance in amending the prospectus underscores their unwavering commitment to bringing a spot Bitcoin ETF to the U.S. market. The ongoing case with the SEC and the positive feedback from industry experts suggest that the company is making significant progress toward achieving this goal.

Image by Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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