December 9, 2023

Will Bitcoin (BTC) finally become an ETF?  Cathie Wood's Ark Invest and 21Shares resubmit the application

Will Bitcoin (BTC) finally become an ETF? Cathie Wood’s Ark Invest and 21Shares resubmit the application

The investment firm ARK was established by an experienced investor in investment management Kathy Wood It is now trying again to launch a Bitcoin (BTC) Exchange Trading Fund (ETF) in the United States.

ARC Investment Enough Another filing for the physical Bitcoin ETF, the ARK 21Shares Bitcoin ETF, was filed on May 13, according to information filed by the U.S. Securities and Exchange Commission. The movement proposes a rule change on the Chicago Board Options Exchange (CBOE) BZX Exchange.

According to Henry Jim, an ETF researcher in Bloomberg, the deadline for the ARK 21Shares Bitcoin ETF is January 24, 2023.

Earlier in April, the SEC rejected an application for the ARK 21Shares Bitcoin ETF. Ark Invest has partnered with 21Shares, a European ETF provider, to apply for the Bitcoin Spot ETF listed on the CBOE BZX Exchange in June 2021.

The current filing states that the investment objective of the ARK 21Shares Bitcoin ETF is to monitor the performance of Bitcoin in line with the performance of the S&P Bitcoin Index. “To achieve its investment objective, the Trust will hold Bitcoin and value daily shares based on the index,” the filing explained.

In this context: Swiss launches 21 shares of Bitcoin (PTC) and Gold ETP

The SEC approval of the Bitcoin Spot ETF is highly anticipated in the community. The SEC has not yet approved any of the many applications for Bitcoin spot ETFs. According to ETF analysts, the Bitcoin spot ETF may be approved by mid-2023.

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Grayscale, a cryptocurrency investment company, is one of several companies operating in the United States towards the BTC spot ETF, and applications are ongoing. At the end of March, Grayscale CEO Michael Sonnenshein said the company was ready to sue if Grayscale’s BTC spot was rejected by ETF SEC.

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