Ark Invest Takes the Lead in Pursuit of Bitcoin ETF Approval through Last-Minute S-1 Amendment
ARK Invest Takes the Lead in Bitcoin ETF Race, Responding Swiftly to SEC Deadline
The race to launch the first Bitcoin exchange-traded fund (ETF) has intensified, with many firms competing to secure regulatory approval. However, ARK Invest has made a thrilling move by surging ahead in this race, just in time for the Securities and Exchange Commission’s (SEC) December 29 deadline.
In a proactive move, ARK Invest partnered with 21Shares and promptly responded to the SEC’s submission request. This action followed a significant meeting on December 21, where SEC officials met with representatives from seven firms, emphasizing the importance of meeting the upcoming deadline.
The SEC has made it clear that firms failing to meet the S-1 amendment deadline may not be considered in the initial phase of Bitcoin ETF approvals, which are expected in January.
ARK Invest has strategically amended its S-1 registration statement for the proposed Ark 21Shares Bitcoin ETF (ARKB) on December 28. According to Bloomberg ETF analyst Eric Balchunas, the amendment focused on authorized participants. Earlier, on December 19, ARK Invest had updated its application to align with industry trends regarding cash creations and redemptions for fund shares.
With the competition intensifying among firms seeking Bitcoin ETF approval, Bloomberg ETF analyst James Seyffart noted a lack of amended filings before December 29, indicating strategic considerations among some firms.
“I love the fact that this saga is forcing more TradFi investors to learn about crypto and more crypto investors to learn about ETF wrapper. That is ‘The Bridge.’ Crypto isn’t going away.” – Nate Geraci, President of ETF Store
ARK Invest’s timely actions have positioned the firm prominently in the Bitcoin ETF approval process. As the deadline approaches, competition among contenders is expected to escalate. This competitive environment highlights the increasing intersection of traditional finance and the crypto industry.
The forthcoming Bitcoin ETF approvals in January are anticipated to foster greater collaboration and understanding between these sectors.