Ark Investment Management Company amended Its filing with the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF) is similar to BlackRock’s recent filing.
Eric Balchunas, a Bloomberg ETF analyst, said on Twitter that the amendments include oversight agreements with the Chicago Mercantile Exchange (CME) futures market and cryptocurrency exchanges, most likely Coinbase. sharing agreement.
In the race to be the first U.S. bitcoin ETF, ARK’s filing update puts it ahead of rivals.
LATEST NEWS: ARK amended 19b-4 of its spot bitcoin ETF to include monitoring sharing agreements with CBOE and crypto exchanges (likely Coinbase) which makes them now like BlackRock’s file and puts them in the forefront To obtain an approved vantage point they apply first. pic.twitter.com/P8PCmPdhln
— Eric Balchunas (@EricBalchunas) June 28, 2023
Cathie Wood and the investment firm of European asset manager 21Shares requested approval for a spot BTC ETF for the third time in April, after previous applications were rejected in 2021 and 2022. As a reason for the refusal, the regulator cited that it did not meet the rules of practice and exchange law requirements for listing financial products.
Bloomberg Intelligence ETF analyst James Seyffart confirmed in a recent interview that ARK’s request is the frontrunner for a bitcoin ETF. “21Shares, ARK, and Cboe (Chicago Board Options Exchange) are number one because their next SEC decision date is August 13, 2023, while we haven’t set dates for other 19b-4 filings such as Bale Germany’s application,” he pointed out.
Even if ARK is approved in the coming weeks, the BTC ETF saga may not be over as it still needs to designate a cryptocurrency exchange to enter into a monitoring sharing agreement. While Coinbase may be a strong candidate for the role, the company has partnered with BlackRock to become a bitcoin custodian if approved.
Balchunas continued on Twitter: “Would BlackRock (…) allow Coinbase to enter into an SSE agreement with another company to help another issuer get a head start in the market? If so, ARK would need another cryptocurrency Exchange to use.”
BlackRock joined the ranks of applicants on June 16, sparking a wave of similar moves on Wall Street, especially from previous applicants. Financial investment firms such as Valkyrie, WisdomTree, and Invesco have reapplied for spot bitcoin ETFs in the past few days.
Cointelegraph reached out to ARK Invest but did not immediately hear back.
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