ARK Invest Leads in SCT Deadline Rush for Spot Bitcoin ETF Approval
Summary:
ARK Invest has submitted the final S-1 amendment for its proposed spot Bitcoin ETF ahead of an SEC-imposed deadline, marking a first in the sector. In meetings with representatives from various firms, regulators reportedly indicated that those not meeting the December 29 deadline will be excluded from the first wave of potential spot Bitcoin ETF approvals in January. Bloomberg's ETF analyst, Eric Balchunas, stated that most firms may delay submission to avoid revealing their strategies to competitors. Over a dozen firms are vying for approval of a spot Bitcoin ETF.
ARK Invest has marked a milestone as the premier to submit its final S-1 amendment for a proposed spot Bitcoin ETF, with attention on an impending Securities and Exchange Commission (SEC) deadline. It's believed that this move could land the firm in the foremost line of approvals come January. A prior report revealed SEC officials' discussions with a minimum of seven firms on December 21, establishing a December 29 deadline for any final S-1 amendments. It's reported that any firm not meeting this deadline will be excluded from the first round of possible spot Bitcoin ETF approvals early next year. As per an SEC documentation, ARK Invest put forth an amendment for its faced Ark 21Shares Bitcoin ETF (ARKB) on the eve of December 28. An ETF expert at Bloomberg, Eric Balchunas, mentioned that the amendments mainly engage authorized participants. On December 19, Ark revised its application including a change for cash inceptions and redemptions for shares in the fund. This strategy mirrored other issuers that conformed to cash creations. Analyst, James Seyffart, from Bloomberg, was amused about the absence of any revised Bitcoin ETF filings until now. Balchunas addressed this, stating many chose to delay submission to keep their competitors in the dark. With more than a dozen firms striving for a spot, more S-1 amended filings can be expected very soon. ETF Store President, Nate Geraci, commented with enthusiasm on the rush of activity preceding the forthcoming launch of spot Bitcoin ETFs in January. He emphasized the importance of this transition in prompting traditional finance investors to delve into crypto and vice versa. Despite the fresh elements, he acknowledged that crypto is here to stay.
Published At
12/29/2023 7:29:30 AM
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