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

ARK Investment Management has amended its spot Bitcoin exchange-traded money (ETF) exertion with the U.S. Securities and Exchange Commission (SEC), making it akin to BlackRock's caller filing. 

The amendments see a surveillance sharing statement with the Chicago Mercantile Exchange (CME) futures markets and crypto exchange, astir "likely Coinbase", said Bloomberg's ETF expert Eric Balchunas connected Twitter.

In the contention for the archetypal Bitcoin ETF successful the United States, ARK's filing update puts it up of its competitors.

JUST IN: ARK has amended their 19b-4 for spot bitcoin ETF to see a surveillance sharing statement bt CBOE and a crypto speech (likely Coinbase), which makes their's similar BlackRock's filing now, and puts them successful rod presumption to beryllium approved archetypal bc they filed first. pic.twitter.com/P8PCmPdhln

The concern institution of Cathie Wood and the European plus manager 21Shares requested support for a spot BTC ETF a 3rd clip successful April, aft erstwhile applications were denied successful 2021 and 2022. As a crushed for the rejections, the regulator noted that it did not conscionable the rules of signifier and Exchange Act requirements for listing a fiscal product.

Speaking successful a caller interview, Bloomberg Intelligence ETF analyst, James Seyffart, confirmed that ARK's petition is the front-runner for a Bitcoin ETF. “21Shares, ARK and Cboe [Chicago Board Options Exchange] are archetypal successful enactment due to the fact that their adjacent SEC determination day is Aug. 13, 2023, and we don’t yet person a day for the different 19b-4 applications similar the 1 from BlackRock,” helium noted.

Even if ARK receives support successful the coming weeks, the BTC ETF saga whitethorn not beryllium over, arsenic it inactive needs to name a crypto speech to participate into a surveillance sharing agreement. Although Coinbase whitethorn beryllium a beardown campaigner for this position, the institution has already partnered with BlackRock to go a Bitcoin custodian should support beryllium granted.

"Would BlackRock [...] adjacent let Coinbase to participate into a SSE statement with different that would assistance different issuer bushed them to market? If truthful ARK would request different crypto speech to use," Balchunas continued connected Twitter.

BlackRock joined the agelong enactment of applicants connected June 16, triggering a question of akin initiatives connected Wall Street, particularly from erstwhile applicants. Financial concern firms specified arsenic Valkyrie, WisdomTree, and Invesco person re-filed for spot Bitcoin ETFs successful the past fewer days.

Cointelegraph reached retired to ARK Invest but did not person an contiguous response.

Magazine: Bitcoin is connected a collision people with ‘Net Zero’ promises