Bitcoin ETF race gets hotter as ARK Invest adds surveillance agreement to application

ARK Investment Management has taken decisive measures to set itself apart from its rivals in pursuit of gaining approval from the United States Securities and Exchange Commission for an Exchange Traded Fund for Bitcoin (BTC). The venture has since incorporated a monitoring alliance with Coinbase and Chicago Mercantile Exchange (CME) future markets in its revised filing. This has enabled it compete effectively with BlackRock, a key market entrant.

This repositioning will put ARK in prime spot ahead of its competitors when the first Bitcoin ETF is approved in the United States. Put simply, the new amendments confirm what Eric Balchunas, an ETF analyst with Bloomberg News, explained on Twitter. “In the race for the first Bitcoin ETF in the United States, ARK’s filing update puts it ahead of its competitors”, he pointed out.

The company of Cathie Wood and 21Shares, its main European asset manager, made the application its third time this April. The rejection of prior applications was based on the decisions of the US Securities and Exchange Commission that marked the request as incompatible with Exchange Act prerequisites for listing a financial product, supposedly.

Fragments of this involve ARK identifying an envoy-method, certified cryptocurrency transaction in the interactive way which will be adjoined to a potential crypto exchange alliance anticipated probably to be Coinbase Inc.

Speculation nevertheless concerning BlackRock and Coinbase co-existence is already underway, creating a dilemma over the Coinbase alliance. Investigation by Bloomberg Intelligence’s ETF researcher, James Seyffart, puts ARK Exchange Trade Fund decisively at the head of the class.

In Seyffart’s words: “21Shares, ARK and Cboe [Chicago Board Options Exchange] are first in line because their next SEC decision date is Aug. 13, 2023, and we don’t yet have a date for the other 19b-4 applications like the one from BlackRock”, he says.

The timeline of ARK foregoing to recognize an envoy for licensing and assets of surveillance including further indirect partners that service environment-conscious energy habitats to fall in-line with ‘net zero’ promises.

Robert Wilson author
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