Wooden recently asserted the crypto downtrend has improved the probabilities of a Bitcoin ETF securing regulatory approval.
Ark Investment Administration has become the latest agency to file for a Bitcoin change-traded fund (ETF).
Per a June 28 filing with the United States Securities and Alternate Price (SEC) submitted in partnership with European change-traded product issuer, 21Shares, the ETF would be listed on the Chicago Board Alternate choices Alternate’s (CBOE) BZX Alternate and alternate under the ticker ARKB.
The ETF would moreover discover the S&P BTC index, with the belief underpinning the ETF moreover keeping BTC straight. The filing has bought reward from the crypto industry.
The good other folks over at @21Shares_ pretty filed for a Bitcoin ETF in partnership with Cathie Wooden and @ARKInvest.@hany and the staff proceed to blueprint one amongst the splendid and precious asset managers in the industry.
— Pomp (@APompliano) June 28, 2021
Cathie Wooden, the CEO and founding father of Ark Make investments, moreover serves as a board member to 21Shares. Per CoinShares, 21Shares is presently the fourth-splendid institutional crypto product issuer by assets under management with better than $1 billion.
ETF analyst, Eric Balchunas, advised BNN Bloomberg that if accepted, the Bitcoin ETF would be of important assist to 21Shares, allowing the agency to penetrate the U.S. market.
Ark is a expansive investor in the crypto condominium, keeping shares in Grayscale’s Bitcoin and Ethereum trusts besides to Coinbase inventory. Cathie Wooden is moreover a indispensable Bitcoin proponent, recently reiterating her prediction that Bitcoin’s tag will one day imprint $500,000 despite the latest crypto downturn.
Regardless of the SEC having rejected every application it has bought for a Bitcoin ETF so a long way, Wooden recently speculated that the probabilities of an ETF being accepted by the regulator improved after the latest crypto retracement.
Earlier this month, the SEC delayed choices on two indispensable Bitcoin ETFs, extending the overview length for the respective Bitcoin ETFs proposed by VanEck and Valkyrie Digital Assets by 45 days each.