Bitcoin

Bitcoin ETF: ARK & 21Shares Revamp Application as SEC Countdown Begins

ARK Investment Management Continues Efforts to Launch Spot Bitcoin ETF

ARK Investment Management, a prominent cryptocurrency investment firm founded by Bitcoin advocate Cathie Wood, is determined to launch a spot Bitcoin exchange-traded fund (ETF) in the United States. The firm recently filed another amended prospectus for its Bitcoin ETF product, developed in collaboration with European digital asset manager 21Shares.

Once approved, the ARK and 21Shares’ Bitcoin ETF, known as the ARK 21Shares Bitcoin ETF, will be traded on the BZX Exchange by the Chicago Board Options Exchange (CBOE) under the ticker symbol ARKB.

This latest update marks the third amendment to the Bitcoin ETF prospectus by ARK and 21Shares. The firms initially filed for a spot Bitcoin ETF in April 2023. In October, ARK amended its registration statement for the ETF, which was seen as a positive sign of progress.

However, the Securities and Exchange Commission (SEC) further delayed its decision on ARK’s spot Bitcoin ETF application in September 2023. The new deadline for the SEC’s decision has been set for January 11, 2024.

The recent filing includes several updates and risk disclosures aimed at meeting corporate finance requirements. One notable update is the inclusion of in-kind creations redemptions in a hybrid model to minimize tax and spread issues.

Bloomberg ETF analyst Eric Balchunas commented on the filing, stating, “The more updates to these documents the better, shows them getting these bad boys in shape for SEC approval.” Bloomberg ETF watcher James Seyffart also suggested that the filing reflects progress in the SEC conversations.

While ARK has been actively amending its spot Bitcoin ETF application, some other ETF filers have yet to update their filings. According to data from Seyffart, as of mid-November, Franklin Templeton and Global X were the only two out of twelve spot Bitcoin ETF filers that haven’t amended their filings.

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