Cathie Wood’s investment firm, Ark Investment Management, filed the latest application in collaboration with 21Shares, a European ETF issuer. It happened approximately a month after the Securities and Exchange Commission (SEC) of the United States rejected an application for the identical product. According to ETF analyst Henry Jim, the new re-filed application includes a proposed regulation modification from the Chicago Board Options Exchange (CBOE) BZX Exchange. US SEC has until January 24, 2023 to accept or reject the ARK 21Shares Bitcoin ETF.
It is stated that Ark Investment attempt of re-filing is a very risky move to the clearance process but the company claims that their product is designed to help people to “achieve its investment objective, the trust will hold Bitcoin and will value the shares daily based on the index.”
Despite the US SEC repeatedly rejecting a series of proposals for a Bitcoin ETF, the fight for a slot has continued to heat up. The investment management businesses who have been applying for these ETFs have stated that demand for the product is increasing among Bitcoin investors, indicating that many are still unhappy with the ProShares Bitcoin futures ETF, which was authorised among others last year.
Grayscale Investments, like Ark Invest, is also awaiting a final judgement from US SEC on whether to transform its Bitcoin Trust into a full-fledged Bitcoin spot ETF is approved or not. The corporation has adopted a more aggressive approach under Michael Sonnenshein’s leadership, starting a campaign to persuade members of the public to email notes urging the SEC to declare ‘YES’ to its application.
Grayscale CEO Sonnenshein stated that if the SEC does not approve, he is prepared to sue the agency, demonstrating that the investing expert sees no difference between the GBTC, a futures-based ETF, and the spot ETF application, which is proving difficult to get.
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