ARK Investment Management, a significant cryptocurrency funding agency based by Bitcoin (BTC) advocate Cathie Wood, isn’t giving up on its efforts to launch a spot Bitcoin exchange-traded fund (ETF) within the United States.
ARK Invest, on Nov. 20, filed one other amended prospectus for its spot Bitcoin ETF product developed in collaboration with the European digital asset supervisor 21Shares.
Once accredited, the ARK and 21Shares’ Bitcoin ETF, named the ARK 21Shares Bitcoin ETF, will likely be buying and selling on the BZX Exchange by the Chicago Board Options Exchange (CBOE) below the ticker image ARKB, the up to date submitting reads.
The newest replace is the third modification to the Bitcoin ETF prospectus by ARK and 21Shares after the companies first filed for a spot Bitcoin ETF in April 2023. ARK beforehand amended its kind S-1 registration assertion for its spot Bitcoin ETF in October, which was interpreted by consultants as a “good sign” of progress.
In September 2023, the SEC once more delayed its anticipated resolution on ARK’s spot Bitcoin ETF software. The subsequent deadline for the SEC’s resolution has been set for Jan. 11, 2024.
According to Bloomberg ETF analyst Eric Balchunas, the most recent submitting contains many updates, together with quite a few threat disclosures designed to fulfill company finance necessities.
Related: WisdomTree amends S-1 kind spot Bitcoin ETF submitting as crypto awaits SEC selections
“One interesting thing is they are sticking to in-kind creations redemptions — albeit in a hybrid model — to minimize tax and spread issues,” Balchunas famous. “Semi-shocker to be honest, but in a good way,” the ETF observer added, 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 additionally recommended that the most recent submitting doubtless displays that issues are shifting with the SEC conversations.
While ARK has been actively amending its S-1 spot Bitcoin ETF software, some spot Bitcoin ETF filers haven’t amended their filings but. According to Steyfart’s knowledge as of mid-November, Franklin Templeton and Global X have been the one two companies out of 12 spot Bitcoin ETF filers that have not amended their S-1 filings.
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