Ark Invest Approaches Spot Bitcoin ETF Deadline with SEC

Last updated: December 9, 2023 9:26 PM

Published 2023-12-09

Last updated: December 9, 2023 9:26 PM

Published 2023-12-09

Asset management firm, Ark Invest is nearing a critical deadline in its bid to launch a spot bitcoin exchange-traded fund (ETF).

According to a tweet from IntotheBlock, Ark updated its S-1 filings with the SEC on December 2nd, with the regulator’s final deadline set for January 1st, 2024.

The Ark Invest Bitcoin ETF application is the first one to reach its final deadline. The SEC has to decide whether to accept or reject the ETF on January 10.
🔗https://t.co/sdb5SzjJME pic.twitter.com/MNlTmXnqrN
— Sentora (previously IntoTheBlock) (@SentoraHQ) December 9, 2023

Originally the SEC postponed its verdict on spot bitcoin ETFs, seeking public opinion on potential vulnerabilities. However, Gary Gensler and the agency have now moved the decision date forward by up to 240 days.

Ark, founded by Cathie Wood in 2014, is hoping for a positive outcome after seeing the initial approval decision delayed in August.

In addition, Bloomberg analysts estimate that the SEC has over a 60% chance of finally approving spot ETFs. The proposed Ark21Shares Bitcoin ETF is reported to track the price of bitcoin using the S&P Bitcoin Index data from multiple crypto exchanges, listed on the Cboe BZX Exchange.

Also Read: ARK Invest Dumped 700k Grayscale’s GBTC Shares In Month

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