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Cathie Wood Says SEC Might Say Yes to Multiple Bitcoin ETFs at Same Time

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Tue, 8/08/2023 - 11:05
Cathie Wood Says SEC Might Say Yes to Multiple Bitcoin ETFs at Same Time
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With anticipation growing surrounding the likely approval of a full-fledged spot Bitcoin (BTC) Exchange Traded Fund (ETF) in the United States, Ark Invest CEO Cathie Wood has shared her opinion on the probable pattern in which the Securities and Exchange Commission (SEC) will give its approval.

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Cathie Wood's position

According to the star investor, the SEC, if it plans to approve a spot Bitcoin ETF at all, might be planning to make such a move by approving more than one related product at the same time. Her position that multiple ETFs will be approved simultaneously contradicts the generally perceived claims that her firm will be among the first to be approved to float a spot Bitcoin ETF, with feedback from the commission expected anytime now.

"I think the SEC, if it's going to approve a Bitcoin ETF, will approve more than one at once," the ARK Investment Management CEO and CIO said in a recent interview with Bloomberg.

The volatility of the subject of spot Bitcoin ETF approval has stirred a lot of noise both within the crypto ecosystem and in the regulatory world.

A lot of companies in the race to get their spot Bitcoin ETFs approved this time have filed once before, with the commission rejecting their proposal on grounds that the industry is immature and may be subject to price manipulation.

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Different approach

Led by American multinational investment banking giant BlackRock, the race for spot Bitcoin ETF approval now features a Surveillance Sharing Agreement (SSA) with publicly traded crypto exchange Coinbase Global Inc.

The partnership with Coinbase was at the request of the SEC, which initially marked applications from these Wall Street giants as incomplete. With anticipation high, more industry stakeholders are waiting to see whether or not the United States gets to make history by approving its first spot in Bitcoin ETF.

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