Home
News
- 1 Cathie Wood’s ARK Invest announced being the first to get Bitcoin ETF approval from SEC.
- 2 The SEC might decide on piling ETF approvals on August 13, 2023.
As the request for Bitcoin ETF keeps piling up at SEC, Cathie Wood’s Ark Invest announced being the first to get a nod. Many crypto entities have been seeking approval from the United States Securities and Exchange Commission for Spot Bitcoin Exchange Traded Fund (ETF) for quite some time. The race went hot with the inclusion of BlackRock last week.
JUST IN: Cathie Wood’s ARK Invest says it is first in line to get potential spot-#Bitcoin ETF approved — ahead of BlackRock – Bloomberg pic.twitter.com/65xkMsvtg4
— Bitcoin Archive (@BTC_Archive) June 26, 2023
ARK Invest to be the First to Get SEC Approval for Bitcoin ETF – Cathie Wood
Spot Bitcoin ETF is the new buzz in the crypto industry; however, in the past, Grayscale has tried multiple times to receive approval from the SEC to convert its Grayscale Bitcoin Trust (GBTC) into ETF. But when BlackRock, one of the top global asset management firms, entered the league, it garnered increased interest ever since, causing BTC prices to rally.
BlackRock has an impeccable record of gaining approval, and people think the company might get a nod from the agency. The asset management company is followed in the line by Valkyrie Investment, Widom Tree, 21Shares, ARK Invest and Cboe. The SEC might decide on the approval on August 13, 2023.
BlackRock filed its request for Bitcoin ETF on June 15, 2023, having a United States Coinbase Trust Company as custodian for the product. Also, the Bank of New York Mellon would serve as a fiat currency custodian. With this product, the asset management giant expects to provide exposure to cryptocurrency.
Yassine Elmandjra, an analyst at ARK Investment Management, says that “other applicants will be able to amend their filings with similar agreement at little cost.”
⚠️ JUST IN: In an email note on Monday, Ark Invest $ARKK stated that BlackRock's $BLK recent filing for a spot #Bitcoin ETF could mark a notable milestone in bitcoin's journey toward institutional acceptance – The Block
— BecauseBitcoin.com (@BecauseBitcoin) June 26, 2023
Speaking about BlackRock gaining approval for Bitcoin ETF, Cathie Wood’s Ark Invest argued that this could be a significant moment for the institutional adoption of Bitcoin. Referring to the definition of institutional investment, the firm contends that when large-scale organizations managing substantial funds for their client enter the arena, its beneficial in the long run.
Elmandjraa argues that the filing by the asset management giant would serve as a guiding light for other market participants interested in the arena to launch their own BTC ETFs. This act would boost crypto adoption by easing exposure to the cryptocurrency.
Wood has been bullish towards Bitcoin and reiterated her claims of the cryptocurrency reaching $1 Million on multiple occasions.
Cathie Wood’s Bold Bet: Doubling Down on Coinbase and Forecasting #Bitcoin’s Soaring Journey to $1 Million #BTC https://t.co/Qqg8wdsVXW pic.twitter.com/sLojz8ipWB
— ETHNews (@ETHNews_com) June 20, 2023
Is the Race for Bitcoin ETF Good for the Industry
Experts argue that it would be wise to buy Bitcoin directly then taking a longer route of getting exposure through Bitcoin ETF. Reasoning about the underlying feature of the Bitcoin ecosystem, eliminating intermediaries, Joe Kelly, Unchained’s co-founder, argues that companies facilitating ETFs would act as intermediaries, throwing the whole point of decentralization out of the window.
As 21 Million Bitcoin would ever exist, only limited individuals can have direct exposure to the cryptocurrency. Experts have predicted that BTC would be very valuable and a defining factor in proving your economic prowess in the future. With traditional finance (TradFi) slowly getting into the realm, general investors might emerge as beneficiaries in the end.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
