ARK Invest amends Bitcoin spot ETF application in race for SEC approval

CryptoSlate
CryptoSlate

28 Jun 2023 6:45 PM

Cathie Wood's investment firms have amended their application to launch a spot Bitcoin ETF as BlackRock enters the market....

  • ARK Invest and 21Shares have revised their application for a US-based Bitcoin ETF to include a surveillance-sharing agreement, possibly positioning them ahead of BlackRock.
  • The SEC has expressed concerns about market manipulation and has emphasized the need for surveillance-sharing agreements.
  • BlackRock's application for a Bitcoin ETF has sparked a rally in the cryptocurrency market and has reignited institutional interest.
  • A survey shows that a majority of professional investors are interested in investing in crypto, particularly Bitcoin and Ethereum.
  • Critics are skeptical about the chances of BlackRock's ETF approval, but its move reflects increasing demand for Bitcoin exposure among institutional investors.

The sentiment in the article is mostly positive, highlighting the potential for a US-based Bitcoin ETF and the increasing interest from institutional investors. However, there is also skepticism regarding the chances of approval for BlackRock's ETF.

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You May Ask

What prompted ARK Invest and 21Shares to revise their application for a Bitcoin ETF?What are the SEC's concerns regarding Bitcoin ETFs?How did BlackRock's application impact the cryptocurrency market?What do professional investors think about investing in crypto, according to the survey?Why are critics skeptical about the chances of approval for BlackRock's ETF?

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