ARK Investment Management, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, is not giving up its efforts to launch a spot Bitcoin exchange-traded fund (ETF) in the United States.
On November 20, ARK Invest filed another amended prospectus for its Bitcoin spot ETF product developed in collaboration with European digital asset manager 21Shares.
If approved, the ETF, called ARK 21Shares Bitcoin ETF, will trade on the Chicago Board Options Exchange’s BZX Exchange under the symbol ARKB, the updated filing reads.
This latest update is ARK and 21Shares’ third amendment to the prospectus since the companies first filed for a spot Bitcoin ETF in April 2023. ARK previously amended its Form S-1 registration statement in October, which was interpreted by experts as a “good sign.” ”of progress.
In September 2023, the SEC again delayed its expected decision on ARK’s application. The next deadline for the decision was set for January 11, 2024.
According to Bloomberg ETF analyst Eric Balchunas, the latest filing includes many updates, including numerous risk disclosures designed to satisfy corporate financial requirements.
Related: WisdomTree Amends Form S-1 Spot Bitcoin ETF Filing as Crypto Awaits SEC Decisions
“One interesting thing is that they are sticking to in-kind creation swaps, albeit in a hybrid model, to minimize tax and spread issues,” Balchunas noted. “Semi-surprise to be honest, but in a good way,” he added, stating:
“The more updates there are to these documents the better, this shows that they are getting these bad boys into shape for SEC approval.”
Bloomberg ETF watcher James Seyffart also suggested that the latest filing likely reflects that things are moving forward with the SEC talks.
While ARK has been actively amending its filing, not all timely Bitcoin ETF filers have amended their filings. According to Steyfart data, as of mid-November, Franklin Templeton and Global
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