Bitcoin (BTC)-backed ARK Investment Management, founded by veteran investor Cathie Wood, is reportedly leading the race for a spot BTC exchange-traded fund (ETF).

In mid-June, investment firm BlackRock submitted an application for a spot bitcoin ETF, triggering significant optimism in the cryptocurrency market.

Some reports suggest that BlackRock could become the first U.S. issuer of a spot bitcoin ETF if approved, but that may not be the case, according to some executives and analysts.

“Other applicants will be able to amend documents for similar agreements at little cost,” ARK analyst Yassine Elmandjra reportedly said. explain.

Elmandjra highlighted that ARK and European asset manager 21Shares filed an application for a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC) in April. “It’s the only one ahead of BlackRock right now,” he added.

More industry watchers, including Bloomberg Intelligence ETF analyst James Seyffart, also believe that ARK and 21Shares should be ahead of anyone when it comes to spot bitcoin ETFs.

“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,” Seifat said.

BlackRock’s filing for the iShares Bitcoin Trust has sparked a wave of relaunched Bitcoin ETF applications.Crypto fund managers Valkyrie, WisdomTree, and Invesco among others have reapplied for spot bitcoin ETFs, and Bitwise has reportedly also applied try BTC ETF again.

“Our bullish case for spot bitcoin ETF approval can basically be summed up in four words: ‘What does BlackRock know?'” Eric Balchunas, senior ETF analyst at Bloomberg wrote on twitter. ETF Institute co-founder Nate Geraci expressed a similar sentiment on Twitter on June 26.

The timing of BlackRock’s spot bitcoin ETF filing has been highlighted by many industry observers, with some claiming the firm may have inside information about the SEC’s bitcoin ETF policy.

Despite growing optimism about the possibility of a spot bitcoin ETF entering the U.S. market, many experts don’t think such a product will appear in the near future.

Wilshire Phoenix partner Wade Guenther told Cointelegraph that the SEC is unlikely to approve a spot bitcoin ETF in 2023, as the project has not made much progress since the Winklevoss twins applied for a bitcoin ETF in 2017.

related: Bitcoin ETF craze returns: ProShares BITO sees biggest inflows in a year

“Since many sponsors first filed their initial spot bitcoin ETFs, there really hasn’t been much progress,” Guenther said, adding:

“We don’t think a spot bitcoin ETF will be available to the public anytime soon because there’s still some time for review. So it might be next year, or even the year after, before we see a spot bitcoin ETF.”

Previously, ETF Institute co-founder Nate Geraci expected By 2023, there will be no spot bitcoin ETFs in the world.

Magazine: Bitcoin Miami 2023 Spotlights ‘Crap Coins on Bitcoin’