ARK Resubmits Updated Prospectus for Spot Bitcoin ETF
Cathie Wood, a supporter of Bitcoin, founded the cryptocurrency investment company ARK Investment Management, and it is still committed to bringing an exchange-traded fund (ETF) that specializes in spot Bitcoin to the US market.
ARK Invest resubmitted an amended prospectus for its spot Bitcoin ETF product, which it had jointly developed with the European digital asset manager 21Shares, on November 20.
The updated filing states that, if authorized, the ARK 21Shares Bitcoin ETF will trade on the BZX Exchange of the Chicago Board Options Exchange under the ticker symbol ARKB.
Since ARK and 21Shares first applied for a spot Bitcoin ETF in April 2023, this most recent revision represents the third update to the prospectus they submitted.
In October, ARK amended its Form S-1 registration statement, which experts deemed a “positive indication” of advancement.
The SEC once again postponed its anticipated determination regarding ARK’s application in September 2023. The subsequent decision-making deadline has been established for January 11, 2024.
Eric Balchunas, an analyst for Bloomberg ETFs, asserts that the most recent filing contains a multitude of revisions, such as a substantial number of risk disclosures intended to fulfill corporate finance obligations.
“Intriguingly, they are continuing to redeem in-kind creations, albeit in a hybrid fashion, to spread out and minimize tax concerns,” Balchunas remarked.
“An honest half-shocker, but in a good way,” he continued, adding: