SEC to review ARK Invest’s spot Bitcoin ETF filing ahead of BlackRock

In the SEC’s list of filings to launch a spot Bitcoin-ETF, ARK Invest with 21Shares sit ahead of BlackRock in terms of filing time, according to Bloomberg.

Experts interviewed by the outlet challenged the prevailing view that BlackRock could be the trailblazer.

“Other applicants will be able to supplement their proposals with similar agreements at little cost,” —said ARK Invest analyst Yassine Elmandjra.

ARK Invest and 21Shares implemented this in April.

Bloomberg analyst James Seyffart agreed with that view.

“21Shares, ARK and CBOE are first in line because the SEC will make a decision on them by August 13, 2023. We do not yet have a date for other 19b-4 filings similar to BlackRock,” —said the analyst.

News of the latest wave triggered a flood of filings from other firms. Valkyrie, BlackRock, WisdomTree and Invesco entered the ETF race. Fidelity Investments is expected to follow suit soon.

The wave sparked speculation about possible insider information regarding a shift in the SEC’s policy on spot bitcoin ETFs.

“It’s hard to believe this is all a coincidence,” —said Nate Geraci, president of ETF Store.

New t-shirt drop via @EricBalchunas… ?

I will say, seems hard to believe this is all coincidence:

BlackRock files for spot btc ETF

4 other issuers quickly follow suit

EDX crypto exchange launches (backed by Fidelity, Schwab, etc)

2X leveraged btc futures ETF allowed by SEC pic.twitter.com/5CfG7ThcLg

— Nate Geraci (@NateGeraci) June 26, 2023

There remain skeptics who doubt approval this year.

“There hasn’t been much progress in filings by many firms. We don’t believe spot Bitcoin ETFs will be available to the general public in the near term. It may only happen next year or in the following year,” —said Wade Gunter, partner at Wilshire Phoenix.

To date, the SEC has rejected almost all ETF filings. The Commission has granted exemptions for products ProShares and Valkyrie Investments, which are based on Bitcoin futures on the Chicago Mercantile Exchange. Grayscale has filed suit against the regulator after the rejection.

Earlier, Elmandjra noted, that BlackRock’s application for a Bitcoin ETF could be a turning point on the path to institutional recognition of digital gold.

Recall that Circle CEO Jeremy Allaire predicted, that the recent wave of filings to launch crypto spot ETFs tied to digital gold would lead to regulatory approvals.