SEC to Consider ARK Invest Bitcoin ETF Application Before BlackRock


In the list of applications SEC for the launch of the spot bitcoin ETF ARK Invest c 21Shares are above BlackRock based on the time of their filing. Writes about it Bloomberg.

Experts interviewed by the publication challenged the popular notion that BlackRock could be in “pioneer” status.

“Other bidders will be able to supplement their proposals with similar agreements at low cost”, Yassin Elmanjra, an analyst at ARK Invest, explained.

The specialist recalled that ARK Invest and 21Shares implemented this in April.

Bloomberg analyst James Seyffart agreed with this position.

21Shares, ARK and CBOE are first in line because the SEC will decide on them on August 13, 2023. We don’t have a date yet for other 19b-4 submissions like those from BlackRock.” – explained the specialist.

News from the latter provoked a wave of proposals from other firms. Valkyrie, BlackRock, WisdomTree and Invesco entered the ETF race. Fidelity Investments is expected to do so soon.

The wave caused speculation about possible insider information about a change in SEC policy regarding spot exchange-traded funds based on the first cryptocurrency.

“It’s hard to believe it’s all a coincidence” Nate Geraci, president of the ETF Store, said.

There are also skeptics who doubt this year’s approval.

“There hasn’t been much progress with many companies submitting initial proposals. We do not believe that a spot Bitcoin ETF will be available to the general public anytime soon. Maybe it will only happen next year or the year after.” Wilshire Phoenix partner Wade Gunther explained.

To date, the SEC has rejected almost all applications for ETFs. The commission made an exception for ProShares and Valkyrie Investments products, which are based on Chicago Mercantile Exchange bitcoin futures. Grayscale sued the regulator after a negative response.

Earlier, Elmanjra stressed that BlackRock’s application for a bitcoin exchange-traded fund could be “a turning point in digital gold’s journey to institutional acceptance.”

Recall, Circle CEO Jeremy Allaire predicted that the recent wave of applications for the launch of cryptocurrency spot ETFs based on digital gold will lead to regulatory approval.

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