ARK Invest Applies For Another Spot Bitcoin ETF With The U.S. SEC

ARK Investment Management, led by Cathie Wood, has filed for another spot Bitcoin (BTC) exchange-traded fund called ARK 21Shares Bitcoin ETF.

The U.S. Securities and Exchange Commission (SEC) has until January 24, 2023, to decide on the faith of the ETF application.

According to the filing with the SEC, ARK Invest has included a proposed rule change from the Chicago Board Options Exchange (CBOE) BZX Exchange in its application.

The key objective of the proposed spot ETF is to track the performance of Bitcoin as measured by the S&P Bitcoin Index.

ARK Invest wrote in the application:

“In seeking to achieve its investment objective, the Trust will hold bitcoin and will value the Shares daily based on the Index. The Trust will process all creations and redemptions in-kind in transactions with authorized participants. The Trust is not actively managed.”

Regardless of multiple spot Bitcoin ETF filings, the regulator has not yet approve any of the applications that would offer exposure to the price of the cryptocurrency in the spot markets.

The latest filing is ARK’s second for a spot Bitcoin ETF. A month earlier after the SEC rejected the investment company’s first application.

In the aftermath of the first rejection, Wood ensured that the firm would apply for it again. She stated:

“I find it fascinating they have approved the Bitcoin futures and not the underlying. It just doesn’t make sense to me, especially considering the fees associated with that kind of ETF.”

Many other investment companies, such as asset manager, Grayscale, have been eager to obtain approval for a spot bitcoin ETF. The SEC has been indecisive on Bitcoin spot ETFs. Grayscale has even considered suing the regulator over the matter.