Renowned investor Cathie Wood shared on Monday her anticipation of another postponement in the approval of ARK Invest’s proposed spot bitcoin ETF. The U.S. Securities and Exchange Commission (SEC) is nearing the conclusion of its review period for the fund, which is scheduled to end next week.
Wood’s Predictions on the ETF Approval
During an interview on Bloomberg Television, Wood suggested that the date of August 13 may pass without any decision from the SEC. She opined, “If the SEC is going to approve a bitcoin ETF, it will likely approve several at once.” The SEC is currently scrutinizing applications for eight different funds, with the majority being acknowledged last month. These applications come from asset managers such as BlackRock, Fidelity, VanEck, and Invesco.
ARK 21Shares Bitcoin ETF Leading the Race
The ARK 21Shares Bitcoin ETF application has a slight edge over the others, facing the next decision deadline. However, the SEC holds the authority to extend this deadline further. In addition to this, the SEC is concluding a public comment period for many of these funds this week. Contributions to this process have come from a diverse range of individuals, including a former cricket player, a city planner, a mechanic, and a physicist.
Excitement and Concerns Surrounding the Spot Bitcoin ETF
The possibility of a spot bitcoin ETF has stirred excitement in the market, triggering a price surge of around 20% for bitcoin following BlackRock’s filing. However, SEC Chair Gary Gensler has voiced concerns over potential fraud and manipulation in the sector. Grayscale, whose proposal to convert its flagship GBTC fund into a spot bitcoin ETF was rejected by the SEC, has also argued that any approvals should also include funds that have previously been disapproved. Cathie Wood believes that ultimately, “Most of these will essentially be the same, and it will come down to marketing and communication.”
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