ARK Invest Management, a firm formed by seasoned investor Cathie Wood, applies again for a Bitcoin (BTC) exchange-traded fund (ETF) after an earlier denial by the SEC in April.
According to a filing with the US Securities and Exchange Commission (SEC), ARK Invest submitted yet another application for their physical Bitcoin ETF, the ARK 21Shares Bitcoin ETF, on May 13. A proposed regulation change from the Chicago Board Options Exchange (CBOE) BZX Exchange is included in the application.
The latest date for approval or disapproval of the ARK 21Shares Bitcoin ETF, according to Bloomberg ETF expert Henry Jim, is January 24, 2023.
The latest filing comes after the SEC rejected the ARK 21Shares Bitcoin ETF registration in early April. In June 2021, Ark Invest collaborated with 21Shares, a European ETF provider, to register for a spot Bitcoin ETF to be listed on the CBOE BZX Exchange.
The investment objective of the ARK 21Shares Bitcoin ETF, according to the most recent filing, is to track the performance of Bitcoin in line with the performance of the S&P Bitcoin Index. The application states, “In order to achieve its investment purpose, the trust will hold Bitcoin and value the shares daily depending on the index.”
The SEC’s possible approval of a spot Bitcoin ETF is one of the most anticipated events in the community, as the SEC has yet to accept any of the several spot Bitcoin ETF applications that have been submitted. ETF researchers predict that a spot Bitcoin ETF will be available in mid-2023.
Grayscale, a cryptocurrency investment firm, is one of several firms pushing hard to launch a spot BTC ETF in the United States. Grayscale CEO Michael Sonnenshein warned in late March that if the SEC rejects Grayscale’s BTC Spot ETF, the company will file a lawsuit.