ARK Investment Management, a Bitcoin (BTC)-backed firm founded by veteran investor Kathy Wood, is reportedly leading the race for spot BTC exchange-traded funds (ETFs).
In mid-June, investment firm BlackRock submitted a spot Bitcoin ETF application, sparking notable optimism in the cryptocurrency market.
Some reports suggested that BlackRock could become the first spot Bitcoin ETF issuer in the U.S. if approved, but some executives and analysts say otherwise. It is said that there is a possibility.
“Other applicants will be able to amend their applications under similar agreements at little cost,” reported ARK analyst Yasin Ermanjira. Said.
Ermanjura emphasized that ARK and European asset manager 21Shares filed for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC) in April. “It’s the only one outperforming BlackRock at the moment,” he added.
More industry observers, including Bloomberg Intelligence ETF analyst James Seyfert, also argued that ARK and 21Shares should be ahead of everyone in spot Bitcoin ETFs.
“21Shares, ARK, Cboe [Chicago Board Options Exchange] The next SEC decision date is Aug. 13, 2023, and these companies are the first candidates as dates for other 19b-4 filings like BlackRock are still pending. said Seyfert.
BlackRock’s iShares Bitcoin Trust filing has sparked a wave of reopening Bitcoin ETF filings.Crypto fund managers Valkyrie, WisdomTree, Invesco and other companies have re-applied for spot Bitcoin ETFs, with Bitwise reportedly doing the same. trying Again for the BTC ETF.
Bloomberg Senior ETF Analyst Eric Balchunas: “The bullish argument for spot Bitcoin ETF approval can basically be summed up in four words: ‘What does BlackRock know?’” I have written on Twitter. ETF Institute co-founder Nate Gerasi expressed similar sentiment on Twitter on June 26.
Many industry insiders have stressed the timing of BlackRock’s spot Bitcoin ETF filing, with some claiming the company may have insider information on the SEC’s Bitcoin ETF policy.
Despite growing optimism about the possibility of a spot Bitcoin ETF appearing on the US market, many experts believe such a product will not appear in the near future.
Wilshire Phoenix partner Wade Gunther told Cointelegraph that the SEC will approve a spot bitcoin ETF in 2023 as the Winklevoss twins have not made much progress since they applied for a spot bitcoin ETF in 2017. He said it was unlikely.
Related: Bitcoin ETF Fever Renewed: ProShares BITO Inflows Largest in a Year
“Since many of these sponsors first applied for their first spot bitcoin ETFs, there hasn’t really been much development,” Gunther said, adding:
“We do not expect the spot bitcoin ETF to be released to the public anytime soon as the review process will still take some time. do not have.”
Nate Geraci, formerly co-founder of the ETF Institute predicted There will be no spot Bitcoin ETFs in the world in 2023.
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