The ARK 21Shares Bitcoin ETF, an exchange-traded fund proposed by ARK Investment Management’s Cathie Wood and Swiss crypto issuer 21Shares' U.S. branch, has filed a registration notice with the U.S. Securities and Exchange Commission.
The firm used Form 8-A to register its shares as securities listed on the Cboe BZX Exchange on Jan. 4. The same day, the VanEck Bitcoin Trust and the Grayscale Bitcoin Trust used Form 8-A to register their shares as securities listed on the Cboe BZX Exchange and New York Stock Exchange Arca, respectively. The day prior, the Cboe BZX Exchange approved registration for listing Fidelity’s spot Bitcoin (BTC) ETF.
The SEC has until Jan. 10 to decide whether to reject or approve listing shares of a Bitcoin ETF from ARK Invest and 21Shares. The regulatory body has never approved a spot Bitcoin ETF for listing on a U.S. exchange, although many applications are currently pending. On Jan. 26, 2023, the SEC rejected a proposal to list the ARK 21Shares Bitcoin ETF on Cboe BZX, stating that the application lacked sufficient measures “to prevent fraudulent and manipulative acts.”
However, in August 2023, U.S. Court of Appeals Circuit Judge Neomi Rao granted Grayscale Investments’ petition to have its spot Bitcoin ETF application reviewed and the SEC’s order to deny the GBTC listing application be vacated. The order prompted a regulatory reevaluation of all existing spot Bitcoin ETF applications. If approved, ARK 21Shares will set an annual 0.80% management fee for its spot Bitcoin ETF for operating expenses such as marketing and listing.
