Cathie Wood, the founder and CEO of ARK Investment Management, has reportedly suggested that the US Securities and Exchange Commission (SEC) could approve multiple spot bitcoin exchange-traded funds (ETFs) simultaneously. In an interview with Bloomberg on August 7, Wo od predicted That if the SEC decides to approve any of the currently pending ETF applications, it would likely approve several of them at the same time.
ARK Investment Management recently submitted an application for a spot bitcoin ETF in June, after making amendments to the submission, including a supervisory sharing agreement. Wood's perspective echoes Grayscale's proposal, which is currently in legal action against the SEC for rejecting its application to convert its bitcoin trust into a spot bitcoin ETF. Grayscale's legal team has urged the SEC to approve all proposed spot bitcoin ETFs concurrently to prevent any potential advantage for one over the others.
While the SEC has not yet approved a spot crypto ETF in the United States, it has permitted crypto-linked futures ETFs and leveraged bitcoin futures ETFs like the Volatility Shares Trust. The commission has received ETF applications from notable firms including Invesco, BlackRock, Valkyrie , VanEck, Wisdom, Fidelity, and ARK Invest. Wood also suggested that the SEC might extend the application deadline for ARK Invest's spot BTC ETF, giving US financial regulators until August 13 to approve, reject, or postpone the application through an extension or comment period. The SEC has up to 240 days, until January 2024, to make a final decision since ARK filed in May 2023.
The pursuit of listing spot crypto ETFs in the US has garnered significant attention within the cryptocurrency industry and media, especially following BlackRock's application, given its status as the world's largest asset manager. Other countries, like Canada, have al ready approved spot ETF applications from cryptocurrency companies.
