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June 27, 2023

Cathie Wood’s ARK Says Itself and Others Set To Get Bitcoin (BTC) ETF Approval Before BlackRock: Report

By Daily Hodl Staff

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.

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“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,

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“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. 

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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