ARK Invest has taken the lead by filing its final Form S-1 amendment for its proposed Bitcoin exchange-traded fund (ETF), putting itself in contention for early approval.
The United States Securities and Exchange Commission (SEC) recently set a crucial deadline for ETF applicants to submit their final S-1 amendments by December 29, 2023, with the expectation of making initial decisions in January 2024.
During a meeting held on December 21, SEC officials met with representatives from seven firms, emphasizing the significance of meeting the deadline.
It was made clear that failure to do so would exclude applicants from the initial round of potential spot Bitcoin ETF approvals early next year.
On December 28, ARK Invest made a pivotal move by filing an amendment to the S-1 registration statement for its Ark 21Shares Bitcoin ETF.
Bloomberg ETF analyst Eric Balchunas highlighted that the amendment focused on authorized participants.
This came after ARK had already revised its application on December 19 to adjust cash creations and redemptions for shares in its fund, aligning with industry trends.
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Interestingly, other ETF issuers have been relatively quiet in terms of amended Bitcoin ETF filings, which has raised speculation.
Balchunas suggested that some firms might be waiting until the last minute to avoid revealing their amendments to competitors.
With more than a dozen companies vying for approval of a spot Bitcoin ETF, it is anticipated that additional amended S-1 filings will be submitted within the next 24 hours.
Nate Geraci, president of ETF Store, commented on the growing activity in anticipation of spot Bitcoin ETFs launching in January.
He noted the positive aspect of this saga, which is that it is compelling traditional finance (TradFi) investors to delve into the world of cryptocurrency and prompting crypto investors to familiarize themselves with ETFs.
This convergence, he dubbed “The Bridge,” underlines that crypto is here to stay, with the potential to reshape the financial landscape.
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