Cathie Wood Led Ark Invest First Contender to Get Spot BTC ETF Approval

Cathie Wood ETF

Ark Invest, led by Cathie Wood, has boasted that it is one of the first contenders to get SEC approval for a spot Bitcoin ETF.  BlackRock’s application for a spot BTC ETF with the U.S. Securities and Exchange Commission (SEC) has given the cryptocurrency sector additional reason to be optimistic.

Greatest Prospect

That’s why plenty of people think BlackRock’s the greatest prospect if the regulator gives the green light shortly. However, Bloomberg Intelligence ETF expert James Seyffart argues that Ark Invest’s proposal is stronger and that it should be approved.

ETF expert Seyffart stated:

“21Shares, ARK and Cboe are first in line because their next SEC decision date is 8/13/23 and we don’t yet have a date for the other 19b-4 applications like the one from BlackRock.”

Bitcoin ETF Mania

BlackRock, a world-famous asset manager, has applied for a spot Bitcoin exchange-traded fund (ETF) that will utilize price data from Coinbase Custody, an American cryptocurrency exchange.

Moreover, the ETF expects BNY Mellon to handle its cash holdings as the custodian. It was at this time that the SEC brought charges against Binance and Coinbase, among others, for functioning as publicly traded firms and dealing in publicly traded securities.

Bitcoin Stable Above $30k Level

Furthermore, as a result of BlackRock’s application, the whole cryptocurrency market saw a surge in value. Bitcoin’s price rose above $31,000 about this time but has now dropped to $30,282, a decline of 0.37% in the previous 24 hours. Institutional investors started to flock to the cryptocurrency market after BlackRock’s announcement.

Also, many other investment management firms also simultaneously applied for the offering. Others, like Valkyrie and WisdomTree, who had previously been refused a spot BTC ETF, reapplied.

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Moreover, BlackRock seems to be able to set itself apart from the competition by including a “unique” exchange surveillance-sharing arrangement aimed at avoiding market manipulation as an appendix to its file.

Abhishek Chatterjee