- The head of Ark Invest is confident that the U.S. regulator will take “the path of least resistance.”
- This means the SEC will approve multiple filings from different companies at once.
- At the same time, Ark Invest has previously said it was the first to file and is therefore a priority.
Kathy Wood, Ark Invest’sCEO, said the U.S. Securities and Exchange Commission (SEC) is likely to approve more than one application for spot bitcoin ETFs. This was reported by Bloomberg, citing the head of the firm directly.
“I think the SEC, if it’s going to put a spot bitcoin ETF on the market, will approve multiple applications at once,” Wood said.
The head of Ark Invest also noted that this particular topic acts as a major influence on the cryptocurrency market:
“In June, when BlackRock announced its application for a spot bitcoin-ETF, the asset’s exchange rate jumped. But he remains unstable. Yes, it [the approval of the filings] has a market impact, just like the banking crisis in early spring [the SVB, Signature bankruptcy].”
Bloomberg Intelligence analyst James Seyffarth agrees with Wood’s sentiment. He said approving multiple applications at once would be “the path of least resistance” for the SEC.
Reminder, Ark Invest and 21Shares re-filed papers to register a spot bitcoin ETF in April 2023. Wood’s company noted in late June that its application should be a priority.
We previously covered Bloomberg Intelligence analysts’ outlook on the chances of approval for this class of exchange-traded products. While it was around 1% at the beginning of the year, it has now jumped to 65%.
In mid-July 2023, the SEC accepted filings from Cboe and Nasdaq for review. The regulator now has 240 days to issue a formal response on them.
The regulator has now had 240 days to issue a formal response on them.