ARK, 21Shares is updating its Bitcoin ETF application in anticipation of the next SEC deadline.
ARK Investment Management, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathy Wood, has not given up on its efforts to launch a Bitcoin exchange-traded fund (ETF) in the United States.
On November 20, ARK Invest submitted another updated prospectus for its Bitcoin ETF product in partnership with European digital asset manager 21Shares.
If approved, the ETF, named ARK 21Shares Bitcoin ETF, will trade on the Chicago Board Options Exchange BZX exchange under the ticker symbol ARKB, the amended filing read.
This latest update is the third update to the prospectus of ARK and 21Shares, and the companies will first place a Bitcoin ETF in April 2023. ARK previously updated its Form S-1 registration statement in October, which is interpreted by experts as a “good sign”. ” progress.
In September 2023, the SEC again delayed an expected decision on ARK's application. The next decision deadline is set for January 11, 2024.
According to Bloomberg ETF analyst Eric Balchunas, the latest filing includes several updates, including several risk disclosures designed to meet corporate finance requirements.
Related: WisdomTree updates S-1 filing for Bitcoin ETF as crypto awaits SEC rulings
According to Balchunas, “One of the interesting things about the redemptions of kind creations – albeit in a hybrid model – is to stick to reducing taxes and spreading issues.” “It's kind of shocking to be honest, but in a good way,” he added.
“The more revisions to these documents, the more likely it is that these bad boys will get SEC approval.”
Bloomberg ETF analyst James Seifert also noted that the latest filing reflects that things are moving along with the SEC talks.
While ARK is actively improving its implementation, not all Bitcoin ETF filers have updated their files. According to Stiffart data, as of mid-November, Franklin Templeton and Global X were the only two firms out of 12 Bitcoin ETF filers that had not filed an S-1 filing update.
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