Cathie Wood predicts approval of several Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) could simultaneously approve several spot ETF based on the first cryptocurrency. This was stated by ARK Invest head Cathie Wood, reports Bloomberg.

“I think, if the SEC is going to approve a Bitcoin ETF, it will approve several at once. … Most of them will basically be the same, and it will come down to marketing,” she noted.

However, Wood believes there is a possibility of a delay from the agency. Preliminary hearings on this matter are scheduled for August 13.

On June 15, BlackRock sent a filing to the SEC for a spot Bitcoin ETF. Following the financial giant, similar applications came from Valkyrie, Fidelity Investments, WisdomTree and Invesco.

Meanwhile, in the review queues, ARK Invest and 21Shares are ahead of BlackRock based on filing times that Cathie Wood’s firm sent back in April.

Subsequently, the Commission rejected all filings because they lacked sufficient information regarding the so-called joint surveillance agreement or details of this mechanism.

Subsequently, the aforementioned firms promptly submitted to the agency updated proposals. On July 14, the regulator took up applications from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree.

The Chicago Board Options Exchange also changed the document for the ARK 21Shares launch, by including a joint surveillance agreement to prevent fraud and market manipulation, copying part of BlackRock’s filing.

Earlier, Circle CEO Jeremy Allaire forecasted that the recent wave of applications to launch cryptocurrency spot ETFs backed by digital gold would lead to regulatory approval.

ARK Invest analyst Yassine Elmandjra emphasized that approval of BlackRock’s exchange-traded Bitcoin fund could be a “turning point on the path of digital gold toward institutional recognition.”