Cathie Wood’s ARK Beats BlackRock to Launch Bitcoin Spot ETF

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  • Cathie Wood’s ARK Invest has amended its Bitcoin Spot ETF filing to include a new surveillance sharing agreement, taking cues from the filing presented by investment giant BlackRock.
  • Ark’s modification may give it a better chance of getting its product approved by the U.S. Securities and Exchange Commission (SEC), which has denied every flavor of the product thus far.
  • ARK’s proposal suggests that the Cboe BZX Exchange – on which the Ark’s 21 Shares ETF would be listed – will enter a surveillance sharing agreement (SSA) with “an operator of a United States-based spot trading platform for Bitcoin.”

Cathie Wood’s ARK Invest

Cathie Wood’s ARK Invest has amended its Bitcoin Spot ETF filing to include a new surveillance sharing agreement, taking cues from the filing presented by investment giant BlackRock earlier this month. The modification may give ARK a better chance of getting its product approved by the U.S. Securities and Exchange Commission (SEC), which has denied every flavor of the product thus far.

Ark’s Modification

According to ARK’s modified 19b-4 filing , the proposal suggests that the Cboe BZX Exchange – on which the Ark’s 21 Shares ETF would be listed – will enter a surveillance sharing agreement (SSA) with “an operator of a United States-based spot trading platform for Bitcoin.” ARK didn’t name which specific spot exchange it would partner with, but claimed it represented a “substantial portion of US-based Bitcoin trading.” This Spot BTC SSA, in combination with the information available through [Intermarket Surveillance Group] related to CME Bitcoin Futures, which the Exchange believes on its own represents a regulated market of significant size, would further strengthen the Exchange’s ability to detect and deter manipulation of the Shares,” wrote Ark.

SEC Denial

The inability to form a sufficient surveillance-sharing agreement related to Bitcoin spot trading is what caused A number of previous applications for similar products from firms like VanEck and Bitwise Asset Management to fail in their objective . The SEC was concerned about potential manipulation or price rigging in cryptocurrency markets due to lack of visibility into transactions and prices across exchanges around world . As such, all prior applications have been rejected due to insufficient oversight mechanisms .

Potential Approval

With this new amendment , however , it appears that ARK is attempting to address those concerns head -on through an increased level monitoring and transparency . If successful , this could potentially make them first firm get approval for an original Bitcoin ETF in US , beating out large investment firms like BlackRock who have yet made any progress toward launching one .

Conclusion Although nothing is certain yet , this latest move is certainly encouraging news for investors looking forward more widespread adoption cryptocurrencies and other digital assets . It remains seen whether or not these efforts will ultimately prove fruitful enough satisfy regulators , but if they do it could signal major shift how average investor accesses these markets going forward .

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