ARK Investment Management founder and CEO Cathie Wood has reportedly suggested that the United States Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange-traded funds, or ETFs, at the same time.
In an Aug. 7 interview with Bloomberg, Wood predicted the SEC would approve “more than one [ETF] at once” if it moves forward with any application currently under consideration. ARK Investment Management sent in one of the most recent spot Bitcoin (BTC) ETF applications in June after amending the submission to include a surveillance-sharing agreement.
Today on @BloombergTV's ETF IQ @CathieDWood agreed with our assessment (below) that if spot #Bitcoin ETFs are approved by the SEC, it will be multiple at the same time and not just one. https://t.co/oNOeqs4HDL pic.twitter.com/K18qFNOtQL— James Seyffart (@JSeyff) August 7, 2023
Wood’s remarks were similar to a proposal by Grayscale, the company currently suing the SEC over its refusal to accept an application allowing its Bitcoin Trust to be converted to a spot Bitcoin ETF. In July, Grayscale’s legal team submitted a letter to the SEC requesting the regulator approve all proposed spot Bitcoin ETFs at the same time to avoid one having an advantage over another.
The SEC has never approved a spot crypto ETF in the U.S. but has allowed the listing of crypto-linked futures ETFs as well as a leveraged Bitcoin futures ETF from Volatility Shares Trust. At the time of publication, the SEC has received crypto ETF applications from Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity and ARK Invest.
Wood suggested ARK Invest’s spot BTC ETF application deadline would be extended by the SEC. The U.S. financial regulator has until Aug. 13 to either approve, reject or delay ARK’s current application through an extension or comment period. As ARK filed the paperwork in May 2023, the SEC has a maximum of 240 days — until January 2024 — to reach a final decision.
The race to get a listing for a spot crypto ETF in the U.S. has become the subject of scrutiny among many in the crypto industry and media, especially following a submission from BlackRock, the largest asset management firm in the world. Regulators in other countries, including Canada, have already approved similar spot ETF filings from crypto firms.