ARK, 21Shares update spot Bitcoin ETF application as next SEC deadline looms


ARK Investment Management, a cryptocurrency funding agency based by Bitcoin (BTC) advocate Cathie Wood, isn’t giving up on its efforts to launch a spot Bitcoin exchange-traded fund (ETF) within the United States.

On Nov. 20, ARK Invest filed one other amended prospectus for its spot Bitcoin ETF product developed in collaboration with the European digital asset supervisor 21Shares.

If accepted, the ETF, named the ARK 21Shares Bitcoin ETF, will commerce on the Chicago Board Options Exchange’s BZX Exchange underneath the ticker image ARKB, the up to date submitting reads.

This newest update is ARK and 21Shares’ third modification to the prospectus because the companies first filed for a spot Bitcoin ETF in April 2023. ARK beforehand amended its form S-1 registration statement in October, which was interpreted by consultants 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 choice has been set for Jan. 11, 2024.

According to Bloomberg ETF analyst Eric Balchunas, the newest submitting consists of many updates, together with quite a few threat disclosures designed to fulfill company finance necessities.

Related: WisdomTree amends S-1 form spot Bitcoin ETF filing as crypto awaits SEC decisions

“One interesting thing is they are sticking to in-kind creations redemptions — albeit in a hybrid model — to minimize tax and spread issues,” Balchunas noted. “Semi-shocker to be honest, but in a good way,” he added, stating:

“The more updates to these documents the better, shows them getting these bad boys in shape for SEC approval.”

Bloomberg ETF watcher James Seyffart additionally suggested that the newest submitting probably displays that issues are transferring with the SEC conversations.

While ARK has been actively amending its application, not all spot Bitcoin ETF filers have amended their filings. According to Steyfart’s information, as of mid-November, Franklin Templeton and Global X have been the one two companies out of 12 spot Bitcoin ETF filers that hadn’t amended their S-1 filings.

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