ARK Predicts Bitcoin ETF Approval for Itself and Competitors Ahead of BlackRock, According to Report
ARK Invest, along with 21Shares, is positioned to receive approval for a Bitcoin (BTC) exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC) ahead of BlackRock.
According to a report from Bloomberg. Yassine Elmandjra, an analyst at ARK Investment Management, states that ARK is “first in line” for a BTC ETF. Their application, along with 21Shares. It is currently the leading contender for approval. The next SEC decision date for their application is set for August 13, 2023. While BlackRock’s application stands out for its unique exchange surveillance-sharing agreement. Other applicants can also update their filings with similar agreements.
ETF analyst James Seyffart from Bloomberg Intelligence notes that 21Shares, ARK, and Cboe are in the forefront as their SEC decision date is known, whereas a date is yet to be determined for the other 19b-4 applications, including BlackRock’s. Seyffart suggests that Cboe may update their rule change proposal to include a surveillance-sharing agreement with Coinbase, potentially paving the way for ETF approval.
Clever Robot News Desk 28th June 2023