ARK Invest's Cathie Wood Predicts Spot Bitcoin ETF Applications Will Be Approved Simultaneously
ARK Invest's Cathie Wood Predicts Spot Bitcoin ETF Applications Will Be Approved Simultaneously
Renowned investor Cathie Wood of ARK Invest has offered her prediction on the spot Bitcoin ETF race in the crypto space.
Wood asserted that the US Securities and Exchange Commission (SEC) will simultaneously approve multiple spot Bitcoin exchange-traded funds (ETFs) that have been filed for approval.
In a recent interview with Bloomberg, Wood stated her belief that the regulatory body will grant approval to more than one crypto ETF in one go.
Major players in the investment sphere, including ARK Invest, entered the spot crypto ETF arena after BlackRock took the lead in filing for approval back in June.
Other prominent firms, such as Invesco, Valkyrie, VanEck, Wisdom, and Fidelity, also submitted their applications for spot crypto ETFs.
The SEC had previously rejected Grayscale's application to convert the firm’s Bitcoin Trust into an exchange-traded fund, citing concerns over potential market manipulation and the absence of a surveillance-sharing agreement between regulated markets and exchanges.
This has been a consistent rationale for the SEC's disapproval of spot crypto ETF applications over time.
Wood further suggested that the SEC could extend the application deadline for ARK's spot Bitcoin ETF, which was initially set for a decision on August 13.
According to a report from CoinTelegraph, the regulatory body has a window of 240 days, suggesting a final decision deadline around January 2024 for ARK's ETF filing from May 2023.
Cathie Wood has increasingly become a prominent figure in the crypto landscape, with her involvement extending to being a notable investor in Coinbase stock.
Records indicate that on July 26, Wood sold nearly 6,992 shares of COIN stock, each valued at around $99.75, totaling approximately $697,452 in a transaction carried out under the ARK Next Generation Internet ETF.
Wood's recent insights into the future of spot Bitcoin ETFs offer a glimpse into the potential regulatory landscape for these investment vehicles going forward.
The product has garnered significant attention from both institutional and retail investors seeking exposure to the crypto market through regulated channels since June.
