September 27, 2023 8:33 am

ARK Invest joins Bitcoin ETF race, introduces surveillance agreement to application

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ARK Investment Management has amended its spot Bitcoin (BTC) exchange-traded fund (ETF) application with the United States Securities and Exchange Commission (SEC), aligning it with BlackRock’s recent filing. The updated amendments include a surveillance sharing agreement with the Chicago Mercantile Exchange (CME) futures markets and a crypto exchange, likely Coinbase.

This move places ARK ahead of its competitors in the race for the first Bitcoin ETF in the United States. Bloomberg ETF analyst Eric Balchunas tweeted about the amendment and stated that ARK is now in pole position to be the first approved ETF since they filed first.

This is the third time that Cathie Wood’s investment company and European asset manager 21Shares have requested approval for a spot BTC ETF. Their previous applications were denied in 2021 and 2022 due to not meeting the rules of practice and Exchange Act requirements for listing a financial product.

In a recent interview, Bloomberg Intelligence ETF analyst James Seyffart confirmed that ARK’s request is the front-runner for a Bitcoin ETF. He noted that ARK, 21Shares, and Cboe (Chicago Board Options Exchange) are first in line for SEC decision, scheduled for August 13, 2023. The other 19b-4 applications, including BlackRock’s, do not have a confirmed decision date yet.

However, even if ARK receives approval in the coming weeks, there is still another hurdle to overcome. They need to appoint a crypto exchange to enter into a surveillance-sharing agreement. While Coinbase is a strong candidate for this role, they have already partnered with BlackRock as a Bitcoin custodian if approval is granted.

Balchunas raised an interesting question on Twitter about whether BlackRock would allow Coinbase to enter into a surveillance-sharing agreement with another issuer that could potentially beat them to market. If that is the case, ARK would need to find another crypto exchange to fulfill this requirement.

On June 16, BlackRock joined the list of applicants for a Bitcoin ETF, triggering a wave of similar initiatives on Wall Street, especially from previous applicants. Financial investment firms like Valkyrie, WisdomTree, and Invesco have also refiled for spot Bitcoin ETFs in the past few days.

Cointelegraph reached out to ARK Invest for comment but did not receive an immediate response.

In conclusion, ARK Investment Management has made amendments to its Bitcoin ETF application and is now in pole position to be approved first. However, the process is not over yet as they still need to secure a surveillance-sharing agreement with a crypto exchange. The competition for the first Bitcoin ETF in the US is heating up, with more firms reapplying and joining the race.

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Original Source: ARK Invest joins Bitcoin ETF race, introduces surveillance agreement to application

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