ARK Investment Outruns Competitors
ARK Investment Management, a pro-Bitcoin firm led by Cathie Wood, reportedly leads the race for a spot BTC exchange-traded fund (ETF). Its early filing for a Bitcoin ETF, in collaboration with 21Shares, positions ARK Invest ahead of its competitors, including the investment giant BlackRock.
A Potential Upset for BlackRock
In June, BlackRock’s filing for a spot Bitcoin ETF fueled considerable optimism in cryptocurrency markets. However, according to industry insiders, ARK and 21Shares may disrupt the expectation for BlackRock to become the first issuer of a spot Bitcoin ETF in the U.S.
ARK Analyst Comments
ARK analyst Yassine Elmandjra stated that ARK and 21Shares’ Bitcoin ETF application, filed in April, is the only one ahead of BlackRock’s. Other industry observers, such as Bloomberg Intelligence ETF analyst James Seyffart, support this view.
Ripple Effect Triggered by BlackRock’s Filing
The iShares Bitcoin Trust filing by BlackRock has provoked other firms to revisit their Bitcoin ETF ambitions. Companies such as Valkyrie, WisdomTree, Invesco, and Bitwise have re-filed for spot Bitcoin ETFs.
Speculation and Optimism Amid Uncertainties
Speculations and optimism surround BlackRock’s filing, with many questioning its timing and potential insider knowledge about the SEC’s Bitcoin ETF policies. Nevertheless, experts caution that approval for a spot Bitcoin ETF may not occur soon due to the lengthy review process and regulatory complexities.
The Long Wait Continues
Despite the optimism surrounding the race for the first spot Bitcoin ETF, the wait for such products to hit the U.S. market continues. The SEC has yet to show significant progress since the Winklevoss twins filed the first Bitcoin ETF application back in 2017. As echoed by industry observers like Wilshire Phoenix’s partner Wade Guenther and ETF Institute co-founder Nate Geraci, the introduction of a spot Bitcoin ETF to the public could take longer than anticipated—possibly not until 2024 or even later.
While ARK Investment, with its early filing and collaboration with 21Shares, appears to be the front runner, the unpredictable nature of cryptocurrency markets and regulatory processes suggest that the race is far from over. The implications of the first Bitcoin ETF will be momentous, marking a significant milestone in cryptocurrency’s mainstream adoption. Therefore, all eyes remain on the SEC as it navigates this uncharted territory.