ARK Investment Management, a major cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, has not given up on its efforts to promote a cash Bitcoin exchange-traded fund (ETF) in the United States.
ARK Invest, November 20, submit Another revised prospectus for a spot Bitcoin ETF product developed in partnership with European digital asset management company 21Shares.
The updated filing shows that once approved, ARK and 21Shares’ Bitcoin ETF, called the ARK 21Shares Bitcoin ETF, will trade on the Chicago Board Options Exchange’s (CBOE) BZX exchange under the ticker ARKB.
The latest update is the third revision to the Bitcoin ETF prospectus after ARK and 21Shares first filed for a spot Bitcoin ETF in April 2023. ARK previously revised its Form S-1 registration statement for its spot Bitcoin ETF in October, a statement that experts interpreted as a “good sign” for progress.
In September 2023, the SEC once again delayed its expected decision on the ARK Spot Bitcoin ETF application. The next deadline for the SEC to make a decision is January 11, 2024.
Bloomberg ETF analyst Eric Balchunas said the latest filing includes a number of updates, including substantial risk disclosures aimed at meeting corporate financial requirements.
related: WisdomTree Modifies Form S-1 Spot Bitcoin ETF Filing, Encryption Awaiting SEC Decision
“One interesting thing is that they insist on in-kind creation of redemptions – albeit a hybrid model – to minimize tax and spread issues,” Balciunas said famous. “It’s a bit shocking, to be honest, but in a good way,” the ETF observer added.
“The more updated these filings are, the better, which shows they’re getting these bad boys approved by the SEC.”
Bloomberg ETF observer James Seyffart also said suggestion The latest filing may reflect progress in conversations with the SEC.
While ARK has been actively amending its S-1 spot Bitcoin ETF application, some spot Bitcoin ETF filers have yet to amend their applications. according to According to Steyfart data as of mid-November, Franklin Templeton and Global X are the only two of the 12 spot Bitcoin ETF filers that have not yet revised their S-1 filings.
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