Hi everyone ! Today we are going to take a closer look into Ark invest BTC spot ETF request.
Genius move ?
Cathie Wood's ARK Invest has amended its filing for a spot bitcoin (BTC) exchange-traded fund (ETF) to include a surveillance-sharing agreement, similar to that of BlackRock.
In detail, Ark Invest's technique is quite simple: it involves mimicking the approach taken by BlackRock by establishing a "surveillance sharing agreement," which is supposed to appease the SEC and be seen as a sufficient effort.
Source : Twitter
Since Ark Invest filed a Bitcoin ETF application well before BlackRock, they should be the ones to receive an official response first, likely around mid-August.
Last April, Ark Invest filed its third application with the SEC for the creation of a Bitcoin Spot ETF.
The first two applications were rejected in April 2022 and January 2023.
However, as Bloomberg analyst Eric Balchunas pointed out on Twitter, nothing is definitive at this point. It is not guaranteed that the SEC will accept Ark Invest's modified Bitcoin ETF as is, nor is it certain that their decision regarding Ark will not be postponed, potentially allowing BlackRock's ETF to be approved first despite everything.
Conclusion :
However, as Bloomberg analyst Eric Balchunas pointed out on Twitter, nothing is definitive at this point. It is not guaranteed that the SEC will accept Ark Invest's modified Bitcoin ETF as is, nor is it certain that their decision regarding Ark will not be postponed, potentially allowing BlackRock's ETF to be approved first despite everything :
Thumbnail source : https://www.cryptotimes.io/
As alaways thank you for reading !
