Veteran investor Cathie Wood’s pro-Bitcoin firm, ARK Investment Management, is said to be leading the competition for a spot Bitcoin Exchange-Traded fund (ETF).
This comes after investment firm BlackRock filed its own application for a spot Bitcoin ETF on June 16, sparking optimism within the cryptocurrency market. While initial reports suggested that BlackRock might become the first issuer of a Spot Bitcoin ETF in the United States, some executives and analysts disagree with this assessment.
According to ARK analyst Yassine Elmandjra, other applicants can make amendments to their filings, including similar agreements, at minimal expense. Elmandjra highlighted that ARK and European asset manager 21Shares had already submitted an application to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF back in April, placing them ahead of BlackRock in the race for approval.Â
According to Bloomberg Intelligence ETF analyst James Seyffart and other industry observers, it is argued that ARK, 21Shares, and Cboe should be given priority for a spot Bitcoin ETF. Seyffart pointed out that these entities have a designated SEC decision date of August 13, 2023, whereas the timing for the other 19b-4 applications, including BlackRock’s, is still unknown.
BlackRock’s filing for the iShares Bitcoin Trust has sparked a resurgence of Bitcoin ETF filings, with companies like Valkyrie, WisdomTree, Invesco, and reportedly Bitwise reapplying for spot Bitcoin ETFs
The timing of BlackRock‘s spot Bitcoin ETF filing has raised concerns among many industry observers. Some have suggested that the firm might possess insider knowledge about the SEC’s BTC ETF regulations.
Bloomberg senior ETF analyst Eric Balchunas summed up the optimistic outlook for spot Bitcoin ETF approval, questioning, “What does BlackRock know?” This sentiment was echoed by ETF Institute co-founder Nate Geraci on Twitter on June 26.
Also read: Circle’s Allaire Confident in Bitcoin ETF Approval
