ARK Investment Management and 21Shares File Bitcoin ETF Application with SEC as Deadline Approaches
Summary:
ARK Investment Management and Swiss custodian 21Shares have registered their proposal for a Bitcoin ETF with the SEC. The registration follows similar moves by VanEck and Grayscale Trusts, with the latter recently winning a court battle for a review of their application. The SEC, which has never previously approved a spot Bitcoin ETF for a U.S. listing, now has until January 10 to decide on ARK and 21Shares' proposition.
Cathie Wood's ARK Investment Management, in collaboration with Swiss crypto custodian 21Shares, has set forth a proposal for ARK 21Shares Bitcoin ETF and submitted a registration notification with the U.S. Securities and Exchange Commission (SEC). This documentation, Form 8-A, was used to record its shares as securities on the Cboe BZX Exchange on January 4. Simultaneously, both the VanEck Bitcoin Trust and Grayscale Bitcoin Trust also utilized Form 8-A to record their shares as securities on the Cboe BZX Exchange and New York Stock Exchange Arca. Fidelity's spot Bitcoin ETF received a green signal for registry on the Cboe BZX Exchange a day before. The SEC has till January 10 to make a decision on whether to approve or reject the listing of the Bitcoin ETF from ARK Invest and 21Shares. Despite multiple applications pending, the SEC has never greenlit a spot Bitcoin ETF for listing on a U.S. exchange. On January 26, 2023, a proposal to list the ARK 21Shares Bitcoin ETF on Cboe BZX was turned down by the SEC, citing insufficient precautions to fight deceptive and illicit practices. However, U.S. Court of Appeals Circuit Judge Neomi Rao in August 2023 cleared Grayscale Investments' request to have its spot Bitcoin ETF application reassessed and the SEC's decision to reject the GBTC listing application overturned. This order called for a thorough review of all existing spot Bitcoin ETF applications. If successful, ARK 21Shares plans on levying an annual management fee of 0.80% for its spot Bitcoin ETF to cover operational costs, including marketing and listing.
Published At
1/4/2024 11:10:00 PM
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