Cathie Wood’s Ark Amends Bitcoin Spot ETF Application To Copy BlackRock

CryptoPotato
CryptoPotato

28 Jun 2023 11:30 PM

ARK’s modification may make it the first to launch a Bitcoin spot ETF in the United States, beating BlackRock....

  • ARK Invest has modified its Bitcoin Spot ETF filing to include a new surveillance sharing agreement, potentially making it the first to launch a Bitcoin spot ETF in the United States.
  • The modification aims to address the U.S. Securities and Exchange Commission's concerns and increase the chances of approval.
  • The proposal suggests that the Cboe BZX Exchange will enter a surveillance sharing agreement with a United States-based spot trading platform for Bitcoin.
  • The previous rejection of ARK's ETF application was due to the inability to form a sufficient surveillance-sharing agreement related to Bitcoin spot trading.
  • BlackRock's filing included a similar passage about its respective stock exchange, Nasdaq, entering a surveillance sharing agreement with a spot Bitcoin exchange.
  • Analysts suggest that ARK's filing puts them in a position to be approved before BlackRock.

The sentiment of the article is generally positive, as it discusses ARK Invest's modification to increase the chances of launching a Bitcoin spot ETF and potentially beating BlackRock.

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You May Ask

What modification did ARK Invest make to its Bitcoin Spot ETF filing?Why did the U.S. Securities and Exchange Commission reject ARK's previous ETF application?Which stock exchange is mentioned in ARK's filing for the surveillance sharing agreement?How does ARK's filing position them ahead of BlackRock?What impact could BlackRock's partnership with Coinbase have on ARK's surveillance sharing agreement?

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