In an interview on August 7, Cathie Wood reportedly predicted that the U.S. Securities and Exchange Commission will approve multiple spot Bitcoin exchange-traded funds, or ETFs all at once.
The ARK Investment Management founder and CEO Cathie Wood said, “I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once.”
In June, Cathie Wood said that her firm would be the first in line to get approval for a spot bitcoin exchange-traded fund as a result of the early timing of the investment firm’s application with the SEC.
Cathie changed her view and suggested that the SEC may approve several applications all at once. That could help even the playing field for the products, which could potentially usher in more than $50 billion of demand.
In the U.S., spot-bitcoin has never been approved by the SEC but allowed the listing of crypto-linked futures ETFs and a leveraged Bitcoin future ETF from Volatility Shares trust.
The firms like BlackRock Inc, Fidelity, WisdomTree, VanEck, and Invesco all applied to the SEC for crypto ETF applications similar to ARK. Because of the similarities between the potential funds, the success of each will come down to the issuer’s marketing skills, Wood said.
The SEC may expand the deadline for ARK’s application, but the regulators have to either approve, reject or delay the application until August 13. As the application was filed in May 2023, the SEC has a maximum of 240 days to give a final decision, as mentioned by Wood.
Also Read: Grayscale Urge SEC for Simultaneous Approval of Bitcoin ETFs
