ARK Investment Management, a leading cryptocurrency investment firm founded by prominent Bitcoin advocate Cathie Wood, remains determined to launch a spot Bitcoin exchange-traded fund (ETF) in the United States. On November 20, ARK Invest, in collaboration with European digital asset manager 21Shares, filed an amended prospectus for its proposed ARK 21Shares Bitcoin ETF. The ETF, if approved, is set to be listed on the Chicago Board Options Exchange’s BZX Exchange under the ticker ARKB.
This filing marks the third amendment to the prospectus since the initial application in April 2023. The updates suggest significant progress, with the Securities and Exchange Commission (SEC) setting the next decision deadline for January 11, 2024. Bloomberg ETF analysts note the filing's substantial updates, including various risk disclosures that align with corporate finance requirements.
Significantly, ARK's approach involves in-kind creations and redemptions in a hybrid model to address tax and spread issues, a strategy commended by experts for its potential to facilitate SEC approval. This move demonstrates ARK's adaptability and commitment to bringing the product to market.
ARK's proactive stance contrasts with other spot Bitcoin ETF filers. As of mid-November, among 12 filers, only Franklin Templeton and Global X had not amended their S-1 filings, indicating a varied approach in the sector. ARK's persistent amendments and strategic adaptations reflect an evolving conversation with the SEC and a potential milestone in the integration of cryptocurrency into mainstream financial markets.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
