ARK Invest says they and others are set for a Bitcoin (BTC) exchange-traded fund (ETF) approval from the U.S. Securities and Exchange Commission (SEC) before BlackRock.
In a new report from Bloomberg, ARK Investment Management analyst Yassine Elmandjra says ARK is “first in line” for a BTC ETF.
“ARK and 21Shares filed an application with the SEC for a Bitcoin ETF that now is the only one ahead of BlackRock’s.”
As per the ARK representative, ARK Investment Management and 21Shares are currently the top contenders for potential approval of a spot-Bitcoin ETF. Their next SEC decision date has been scheduled for August 13, 2023.
According to ARK analysts, BlackRock’s application for a Bitcoin ETF spot is notable for its unique exchange surveillance-sharing agreement. However, other applicants can also update their filings with similar agreements.
Says Bloomberg Intelligence ETF analyst James Seyffart,
“21Shares, ARK and Cboe are first in line because their next SEC decision date is 8/13/23 and we don’t yet have a date for the other 19b-4 applications like the one from BlackRock.Â
I would assume Cboe is looking to update their 19b-4 rule change proposal to add a surveillance-sharing agreement with Coinbase if they believe it could be a path to an ETF approval.”
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