Cathie Wood’s Ark Invest and 21Shares Amend Bitcoin Spot ETF Application
Cathie Wood’s Ark Invest has made a recent amendment to its spot Bitcoin exchange-traded fund (ETF) application in collaboration with 21Shares.
The amended filing, dated November 20, offers insights into the proposed spot Bitcoin ETF, focusing on critical aspects such as custody practices and asset valuation methods.
The updated proposal also addresses previous concerns of the US Securities and Exchange Commission (SEC) about the lack of transparency on how market prices would be developed and standard protection for investors.
Bloomberg’s Bitcoin ETF watcher, James Seyffart, stated that the updated proposal might suggest that the firm negotiations with the US regulatory body are in progress for potential approval.
Update: @ARKInvest just filed another amended prospectus for their spot #bitcoin ETF. Likely means things are likely still moving with SEC conversations. pic.twitter.com/Of2S1pONDc
— James Seyffart (@JSeyff) November 20, 2023
Eric Balchunas, renowned Bitcoin analyst for Bloomberg, also emphasized Wood’s commitment to transparency.
We have a fee! That’s new. $ARKB will charge 80bps. First issuer to disclose this. pic.twitter.com/KCfGYvc356
— Eric Balchunas (@EricBalchunas) November 20, 2023
He posted a screenshot of the Ark Investment Management $ARKB filing, which revealed a sponsor fee of 0.80%, making it the first Bitcoin ETF issuer to disclose fees.
This recent development positions Ark Invest and Swiss crypto manager 21Shares among the leading entities hoping to launch a spot Bitcoin ETF within a set deadline.
The firms’ application is set for its final deadline on January 10 after a series of delays on the final verdict by the SEC.
UPDATE: Wow. The SEC just came out SUPER early and delayed the @ARKInvest / @21Shares
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