ARK Investment Claims Top Spot for Bitcoin ETF

ARK Investment Claims Top Spot for Bitcoin ETF

ARK Investment Management, led by veteran investor Cathie Wood, is reportedly leading the race for a Bitcoin Exchange-Traded Fund (ETF) spot.

ARK Investment Claims Top Spot for Bitcoin ETF

The competition heated up after investment firm BlackRock filed its own application for a Bitcoin ETF spot on June 16, sparking optimism in the cryptocurrency market. However, some executives and analysts disagree with the initial reports suggesting that BlackRock may be the first issuer of a Bitcoin ETF spot in the United States.

ARK analyst Yassine Elmandjra stated that other applicants can make amendments to their filings, including similar agreements, at minimal cost. Elmandjra pointed out that ARK and European asset manager 21Shares had already submitted their application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin ETF spot back in April, putting them ahead of BlackRock in the approval race.

Bloomberg Intelligence ETF analyst James Seyffart and other industry observers argue that ARK, 21Shares, and Cboe should be given priority for a Bitcoin ETF spot. Seyffart highlighted that these entities have a designated SEC decision date of August 13, 2023, while the timing for the other 19b-4 applications, including BlackRock’s, is still unknown.

BlackRock’s filing for the iShares Bitcoin Trust has prompted a surge in Bitcoin ETF spot filings. Companies like Valkyrie, WisdomTree, Invesco, and reportedly Bitwise have re-submitted their applications for Bitcoin ETF spots.

The timing of BlackRock’s filing has raised concerns among industry observers. Some speculate that the firm may have insider knowledge of the SEC’s BTC ETF regulations.

Bloomberg senior ETF analyst Eric Balchunas summed up the optimistic outlook for Bitcoin ETF spot approval, questioning, “What does BlackRock know?” ETF Institute co-founder Nate Geraci echoed this sentiment on Twitter on June 26.

Compiled by Coinbold