Asset manager ARK Invest and the cryptocurrency ETP 21Shares have filed the third joint request to launch a Bitcoin-based exchange-traded fund (ETF). Bloomberg reports.
The filing says the initiative would provide protection for American investors, which “does not currently exist”.
The ARK-21Shares product, ticker ARKB, tracks Bitcoin’s price as measured by the S&P Bitcoin Index.
“American investors have suffered from crypto fraud that is largely international in nature, especially because there are no accessible, simple, and regulated solutions at home,” said Hani Rashwan, co-founder of 21Shares.
He added that crypto products will remain popular among investors, but access to them “should be conducted in accordance with regulatory norms and safety rules.” Many traders, instead of waiting for access to local markets, are seeking other options abroad, Rashwan noted.
The SEC has not yet approved any application to launch a spot Bitcoin ETF, including those from ARK Invest and 21Shares.
The partners filed the corresponding document in May 2021, and after the rejection again attempted in 2022. The SEC then cited an inability to meet requirements to curb fraudulent or manipulative practices and protect investors.
Earlier the regulator allowed listing of Teucrium’s Bitcoin futures ETF under the Securities Act of 1934.
In June 2022, asset manager VanEck also filed the documents again to launch a spot Bitcoin ETF. The previous filing by the company was rejected in November 2021.
In March 2023, Valkyrie chief Stephen McClurg stated that the collapse of the FTX cryptocurrency exchange has further delayed the launch of a spot Bitcoin ETF in the United States.