ARK Invest launches Bitcoin ETF ‘update-athon’ ahead of expiration

ARK Invest has become the first to file a final Form S-1 amendment for a proposed space Bitcoin (BTC) exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) – ahead of a deadline it deems necessary. It should be considered in the first wave of decisions in January 2024.

According to an earlier report, SEC officials met with representatives of at least seven companies on December 21 and set a deadline of December 29 for applicants to file their final S-1 amendments.

Regulators told attendees at the meetings that any issuer that does not meet the deadline will not be part of the first wave of Bitcoin ETF approvals in early January.

According to an SEC filing, ARK Invest filed an amendment to the S-1 registration statement for the Ark 21Shares Bitcoin ETF late Dec. 28.

Eric Balchunas, an analyst at Bloomberg EFF, said the amendment focused on authorized participants.

On December 19, Arch amended its application for cash creations and redemptions of shares in the fund. This was similar to other issuers who had to “bend the knee” on cash creations.

ARK begins the S-1 upgrade-athon. As usual before the package. It's not yet clear what has changed, AP mentioned but not named Toon. Assuming this will come in the last effective update before launch. But we still don't know if they signed an agreement. https://t.co/mcNgpoR451

— Eric Balchunas (@EricBalchunas) December 28, 2023

Fellow Bloomberg ETF analyst James Seifert said he was surprised not to see any updated Bitcoin ETF filings yet. Balchunas commented that they might wait until the last minute because they don't want to show the other upgrades to their competitors.

More than a dozen firms are vying for a spot on the Bitcoin ETF, with more revised S-1 filings expected to be filed in the next 24 hours.

Related: Bitcoin ETF Issuers Push 3 Crypto Announcements in 48 Hours

Commenting on the flurry of activity leading up to the expected launch of the Bitcoin ETF in January, EFF Store President Nate Gerasi said:

“I love that this saga is forcing more TradFi investors to learn about crypto and more crypto investors to learn about ETF wraps. This is the ‘bridge'. Crypto is not going away.”

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