The U.S. Securities and Exchange Commission must either greenlight or reject Ark Investment's spot Bitcoin (BTC) ETF application by January 10, 2024.
The Florida-based asset management firm reportedly has the second closest expiration date for applications, with Grayscale's final deadline set at January 1, 2024. According to current information, Ark updated its S-1 filings with the financial regulator on December 2, 2023, records show.
After rejecting several requests, the financial regulator initially postponed the ruling to seek public opinion on the vulnerabilities of spot BTC ETFs. Gary Gensler and the SEC have brought forward their decision date by a maximum of 240 days.
After the approval decision was delayed in mid-August, Cathie Wood, who founded Ark Invest in 2014, is seeking a positive response from the SEC. Bloomberg analysts put the likelihood of regulators approving spot ETFs at over 60%.
The Ark21Shares Bitcoin ETF, created from a collaboration between the asset management firm and 21 stocks, will track the performance of Bitcoin using data from multiple crypto exchanges measured by the S&P Bitcoin Index and will be listed on the Cboe BZX Exchange.
In an interview with The Wall Street Journal, Wood said the SEC's approval will give spot Bitcoin ETFs a “stamp of approval that they didn't have before.” She also highlighted that the price of BTC could rise to $1 million to $1.5 million in the future.
Ark unloaded about 102,672 Grayscale Bitcoin Trust (GBTC) shares on Friday to acquire about $3.6 million. The asset management company, which manages its holdings of Coinbase shares, also sold over 200,000 COIN shares on December 5th.
Despite the recent sales, GBTC still holds the third-largest position in the ARK Next Generation Internet ETF (ARKW), approximately 8.36% of the ETF's total portfolio.
ARK Invest, the investment firm led by Cathie Wood, is actively managing its holdings of Coinbase shares (COIN) amid a volatile cryptocurrency market. On December 5, 2023, ARK sold a significant number of Coinbase shares worth 237,572…
— Sampson Maureen (@MaureenSam8651) December 6, 2023
The sales indicate the startup's positive sentiment, adding to shares when the market experiences a downtrend and selling when there is an upturn.
The price of BTC witnessed an upward trend in the last quarter of 2023. At press time, the leading cryptocurrency by market cap was trading at $43,924, up more than 16% from its value a month ago.
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