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ARK Investment Management, led by Bitcoin advocate Cathie Wood, is working towards launching a spot Bitcoin ETF in the United States. The firm has partnered with European cryptocurrency manager 21Shares to update its application for the proposed ETF. This collaboration has resulted in the creation of the ARK 21Shares Bitcoin ETF, which will trade on the BZX Exchange as ARKB and be listed on the Chicago Board Options Exchange (CBOE).
This is the third time that ARK and 21Shares have revised their Bitcoin ETF application since initially filing it in April of this year. The fact that they continue to make updates suggests progress and a commitment to meeting institutional financing standards. In contrast, many other spot Bitcoin ETF applicants have not made changes to their filings.
The U.S. Securities and Exchange Commission (SEC) had previously delayed its decision on ARK’s application, setting a new review date for January 11th, 2024. However, the recent updates to ARK’s S-1 application indicate promising developments in SEC discussions and suggest that approval may be on the horizon.
Overall, the collaboration between ARK and 21Shares, along with the ongoing updates to their application, demonstrate a commitment to bringing a spot Bitcoin ETF to the U.S. market. This development could have significant implications for the cryptocurrency industry and further mainstream adoption of Bitcoin.