ARK Invest’s Bitcoin ETF is Allegedly First in Line for Approval

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According to the latest updates, amid the growing uproar around the reinstated Bitcoin ETF filings, the foremost organization in the list for a spot Bitcoin ETF is apparently Cathie Wood’s business, ARK Invest.

ARK Invest at the Top of the List

As per the numerous officials, BlackRock that requested for a spot Bitcoin ETF in mid June, could not be the first provider of a spot Bitcoin ETF in the U.S. even if it receives authorization.

Remarkably, ARK Invest had applied for the spot Bitcoin ETF with 21Shares before BlackRock, and hence ARK Invest’s application will be the first to be approved by the SEC.

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ARK analyst Yassine Elmandjra said: “Other applicants will be able to amend their filings with similar agreements at little cost.” He also mentioned that the SEC received a proposal for a spot Bitcoin ETF in April from ARK and the European asset manager 21Shares.

Priority Number One

Along with the ARK analyst, James Seyffart, an ETF analyst for Bloomberg Intelligence, asserted that ARK and 21Shares should be given priority over all other contenders for a spot Bitcoin ETF. 

According to Seyffart, “21Shares, ARK, and Cboe [Chicago Board Options Exchange] are first in line because their next SEC decision date is Aug. 13, 2023, and we don’t yet have a date for the other 19b-4 applications like the one from BlackRock.”

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‘What does BlackRock Know?’

Eric Balchunas, an ETF analyst at Bloomberg, tweeted: “And our bull case for spot bitcoin ETF approval can basically be summed up in four words: ‘What does BlackRock know?‘”  Nate Geraci, co-founder of the ETF Institute, tweeted a similar remark on June 26.

ARK Invest’s Heavy Investment in Coinbase

It is noteworthy that Ark Invest was recently purchasing shares in Coinbase, which was served a Wells Notice by the SEC.

The investement management firm went on a buying spree for the ETFs, accumulating almost $18 million in shares across two ETFs. 353,000 shares are said to be distributed among two funds. The company used similar amounts to buy up to 213,519 shares in February.

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