Cathie Wood’s ARK Predicts Bitcoin (BTC) ETF Approval Prior to BlackRock: Report

ARK Invest, a prominent investment firm, has recently revealed that they, along with other contenders, are positioned to secure approval for a Bitcoin (BTC) exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC) before industry giant BlackRock.

This news comes from a comprehensive report by Bloomberg, in which Yassine Elmandjra, an analyst at ARK Investment Management, emphasized their prime position as the frontrunner for a BTC ETF.

Elmandjra stated, “ARK and 21Shares have submitted an application for a Bitcoin ETF to the SEC, which currently holds the leading position ahead of BlackRock’s proposal.” This indicates that ARK Investment Management and 21Shares currently hold the highest chances of obtaining regulatory approval for a spot-Bitcoin ETF. The SEC has scheduled their next decision date for August 13, 2023.

Notably, BlackRock’s application for a Bitcoin ETF has gained attention due to its unique exchange surveillance-sharing agreement. ARK analysts have acknowledged this feature, but have also noted that other applicants can update their filings to include similar agreements.

James Seyffart, an ETF analyst at Bloomberg Intelligence, further explained, “21Shares, ARK, and Cboe are at the forefront as their next SEC decision date is set for August 13, 2023, whereas we are still awaiting a decision date for the remaining 19b-4 applications, such as the one submitted by BlackRock.” Seyffart added, “If Cboe believes that a surveillance-sharing agreement with Coinbase could pave the way for ETF approval, it is likely that they will revise their 19b-4 rule change proposal accordingly.”

This development highlights ARK Invest’s anticipation of securing the coveted BTC ETF approval, positioning them as a leading contender alongside 21Shares. The upcoming decision date will shed more light on the prospects of a Bitcoin ETF, shaping the future of the cryptocurrency market.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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