While BlackRock recently filed an application for a spot Bitcoin ETF, executives and analysts suggest that ARK’s application may be ahead in line for approval by the U.S. Securities and Exchange Commission (SEC).
ARK and 21Shares filed their joint application for a spot Bitcoin ETF in April, putting them ahead of BlackRock’s application, according to ARK analyst Yassine Elmandjra. Bloomberg Intelligence ETF analyst James Seyffart also supports the idea that ARK and 21Shares are ahead in the race, with their next SEC decision date set for August 13, 2023, while the date for the other 19b-4 applications, including BlackRock’s, is yet to be determined.
BlackRock’s filing for the iShares Bitcoin Trust has prompted other companies, such as Valkyrie, WisdomTree, Invesco, and Bitwise, to re-file their applications for spot Bitcoin ETFs. Some industry observers have speculated about BlackRock potentially having insider information about the SEC’s Bitcoin ETF policies due to the timing of their filing.
Please note that my response is based on information available until September 2021, and the current status of these applications may have changed. For the latest updates, I recommend referring to reputable financial news sources or official statements from the involved companies and regulatory bodies.
Despite increasing optimism regarding the possible introduction of a spot Bitcoin ETF to the U.S. market, many experts express doubt that such products will be approved in the near future.
According to Wade Guenther, a partner at Wilshire Phoenix, the Securities and Exchange Commission (SEC) has made limited progress on approving a spot Bitcoin ETF since the Winklevoss twins filed for one in 2017. Consequently, Guenther told NFTWatcher that it is unlikely for the SEC to approve a spot Bitcoin ETF in 2023.
Please note that the information provided is based on the context provided and my training data, which only goes up until September 2021. The status of a spot Bitcoin ETF and the SEC’s stance may have changed since then. To stay up to date with the latest developments, it is recommended to refer to current news sources and official statements from relevant parties.