Main navigation

Bitcoin (BTC) ETF by ARK Invest Now Possible After This Epic Maneuver

Wed, 06/28/2023 - 16:20
article image
Gamza Khanzadaev
Cathie Wood's fund's game-changing move paves way for native BTC ETF
Bitcoin (BTC) ETF by ARK Invest Now Possible After This Epic Maneuver
Cover image via
Read U.TODAY on
Google News

In a surprising turn of events, ARK Invest, the renowned investment management firm led by Cathie Wood, has made a strategic move that potentially puts it in the sole position to secure approval for a Bitcoin (BTC) exchange-traded fund (ETF). The latest development comes as Eric Balchunas, senior ETF analyst for Bloomberg, shared insightful information on Twitter regarding the firm's plans and its recent maneuver.

Banking Giant HSBC Floats BTC and ETH ETF Products in Hong Kong: Report

According to Balchunas, ARK Invest has amended its 19b-4 filing for a BTC spot ETF, introducing a surveillance-sharing agreement between the Chicago Board Options Exchange (CBOE) and a prominent cryptocurrency exchange — likely Coinbase. This critical addition to their filing aligns ARK Invest's approach with that of industry giant BlackRock, which officially filed for a BTC trust with the SEC in mid-June.

Cathie Wood's statement from last month, where she confidently asserted being first in line for BTC spot ETF approval ahead of BlackRock, now seems to hold more weight.

The upcoming decision by the SEC in August will be closely watched by industry insiders, says the analyst. However, any potential delays in the decision-making process might raise concerns, unless it ultimately leads to the approval of BlackRock's filing. This scenario could signal a hint of favoritism, leaving market participants eagerly anticipating the outcome, Balchunas is convinced.

Bitcoin Price Hits Highest Level in One Year Amid ETF Hype

Nate Geraci, another prominent figure on the ETF market, entered the discussion. As the dialogue between Balchunas and Geraci unfolded, questions were raised regarding whether BlackRock would permit Coinbase to enter into a surveillance-sharing agreement with another entity that could potentially outpace it on the market.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.