ARK Invest's Spot Bitcoin ETF: Unrealised Listing Expectations Amid Misinformation
Summary:
Despite speculations circulating on social media, ARK Invest's spot Bitcoin Exchange-Traded Fund (ETF) is not listed on the Depository Trust and Clearing Corporation (DTCC) website, contrary to claims by some high-profile crypto accounts on Twitter. These rumors failed to present the correct ticker of the spot Bitcoin ETF, displaying ticker symbols associated with futures products instead. The most recent amended filing from ARK’s spot Bitcoin ETF indicates the use of the ticker "ARKB." As of October 25, there's no record of any listing under the ARKB ticker on the DTCC website. The debate around iShares listing was possibly misguided as well, with a DTCC spokesperson clarifying that the listing of BlackRock’s iShares spot Bitcoin ETF on the DTCC site has been in place since August.
Contrary to rampant speculations on social media, there's no evidence of ARK Invest's spot Bitcoin (BTC) exchange-traded fund (ETF) getting listed on the Depository Trust and Clearing Corporation’s (DTCC) website. On October 25, several notable crypto accounts on Twitter including Mike Alfred, Bitcoin News, Simply Bitcoin, Crypto News Alerts and more, alleged that ARK Invest and 21 Shares’ collaborative spot Bitcoin ETF had found a place in the DTCC’s register.
Yet, none of these assertions presented the right ticker for the spot Bitcoin ETF, showcasing ticker symbols pertaining to futures products instead. The redo inventory submitted on October 11 for Ark’s spot Bitcoin ETF confirmed that the investment fund will trade under the ticker symbolism "ARKB". However, until October 25, there has been no record of a listing under the "ARKB" ticker in the DTCC website’s department displaying all ongoing ETF listings.
The ticker "ARKA" is representative of the ARK 21Shares Active Bitcoin Futures ETF. As per the recent filing on August 11, this is an awaiting-approval fund that will extend investor access to Bitcoin futures contracts. The tickers ARKY and ARKZ are assigned to the ARK 21Shares Active Ethereum Futures ETF and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF respectively - both awaiting a green signal from the Securities and Exchange Commission.
It appears the hoopla around the iShares listing was exaggerated as well. Amid the crypto landscape gasping at the revelation of BlackRock’s iShares spot Bitcoin ETF (IBTC) featuring on the DTCC’s portal, a DTCC spokesperson clarified that the IBTC listing has been there since August. Regular practice for the DTCC involves advancing securities to the NSCC security eligibility file in anticipation of a new ETF's market introduction.
Spotting BlackRock’s spot ETF listing on the DTCC site coincided with Bitcoin experiencing a 14% single-day spike, momentarily clearing $35,000 for the first time nearly after two years. As rumors of an ARK listing proliferated, Bloomberg's senior ETF analyst Eric Balchunas inked that ARK Invest had submitted the fourth amendment to its spot Bitcoin ETF application, essentially adjusting the filing to match their S-1.
Published At
10/25/2023 4:21:28 AM
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