SEC Delays Decision on ARK 21Shares Bitcoin ETF Filing

#Lifestyle Wealth


Find Related Resource Information

(Bloomberg) — The US Securities and Exchange Commission has not yet come to a decision on whether to approve the ARK 21Shares Bitcoin ETF application, delivering another delay for the long-awaited product. 

The issuer had originally filed in April and regulators had until Aug. 13 to say whether they would approve, reject or delay on coming to a decision. 

An ETF that invests directly in Bitcoin has never been green-lit in the US. The latest batch of applications, however, which includes one from BlackRock Inc., has some analysts hoping that a spot product could start trading soon. 

Many in the crypto community — and fans outside of it — have been longing for a spot-Bitcoin ETF for years. They argue that it would not only make investing in Bitcoin more accessible to everyday investors, but that it would also help bring the digital-assets space closer into traditional financial markets. On the other hand, regulators have consistently cited fraud and manipulation as some of the reasons not to approve such a product. 

Nearly simultaneously with the delay decision, 21Shares, in partnership with Cathie Wood’s ARK Investment Management, filed for a Bitcoin futures fund, paperwork submitted with the SEC on Friday showed. Such a product also doesn’t yet exist in the US, though a slew of companies, emboldened by the potential for a spot product, are trying for one. The paperwork showed the 21Shares proposal for the ARK 21Shares Active Bitcoin Futures ETF could potentially trade under the ticker ARKA. 

Still, even if a green-light for a Bitcoin spot fund does come later on, many analysts hadn’t expected a decision just yet. Cathie Wood, the founder of ARK, herself said that the SEC may bless multiple spot-Bitcoin ETFs at the same time, reversing an earlier view that her firm would be first in line to get approval.  

A slew of issuers have filed for spot-Bitcoin ETFs in recent weeks. BlackRock Inc. kicked the race into high gear when it submitted its paperwork. That’s because many see its near-pristine track record with ETFs as being a good harbinger for the asset manager believing it could get a Bitcoin fund launched. 

Though cryptocurrencies like Bitcoin rose in the weeks following BlackRock’s June entry into the race, they’ve been more subdued since. The largest token is currently trading around $29,400, a level it’s been hovering at for weeks, though it briefly climbed above $31,000 at one point. Bitcoin traded at a record high of almost $69,000 in late 2021.

https://www.wealthmanagement.com/etfs/sec-delays-decision-ark-21shares-bitcoin-etf-filing

To Find More Information, Go To Saubio Digital And Look Up Any Topic

Please follow and like us: Share This Post


Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.

So browse through a category and make your  preferred selection and come back here to read  more choice articles and get a few more helpful tips on ways to help your enhancement.



Detoxing Reviews

Best Body Detoxification Guides & reviews





Colon Cleanse Reviews

Best Colon Cleanse Guides & Reviews





Weight Loss Ebook Reviews

Weight loss products really work! Click here





Dating and Romance Ebook Reviews

Looking for Dating Guides? Click here





Free Traffic System - Increase Targeted Website Traffic with Free Unlimited One Way Links

As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”

Leave a Reply

Your email address will not be published. Required fields are marked *


Saubio's Recommended Products