ARK Invest’s CEO Says SEC Could Approve Multiple Spot Bitcoin ETFs Simultaneously
09 August 2023 - 10:02AM
NEWSBTC
ARK Invest CEO Cathie Wood has sparked speculation with her recent
prediction that the United States Securities and Exchange
Commission (SEC) may potentially grant approval for multiple Spot
Bitcoin exchange-traded funds (ETFs) simultaneously. Deviation From
The Norm For Spot Bitcoin ETFs In a recent interview with Bloomberg
on August 7, Cathie Wood shared her insight that the SEC might opt
for a groundbreaking strategy by approving more than one Bitcoin
ETF at the same time. Related Reading: PayPal’s PYUSD Launch
Triggers Calls For Stablecoin Bill Wood’s assertion, “I think the
SEC, if it’s going to approve a Bitcoin ETF, will approve more than
one at once,” has captured attention, especially given her prior
assurance that her firm would lead in securing approval for a spot
Bitcoin ETF. Wood’s projection deviates from the conventional
practice of sequential ETF approvals. By envisioning a simultaneous
approval scenario, she introduces a novel approach that could
streamline the regulatory process. This potential shift aims to
foster a balanced and inclusive investment landscape, catering to
an expected demand of over $50 billion. Implications For The
Cryptocurrency Industry Historically, the SEC has not granted
approval for spot Bitcoin ETFs, while permitting the listing of
ETFs tied to crypto futures. Wood’s forward-looking statement
emerges amidst a surge in applications from major players like
BlackRock Inc, Fidelity, WisdomTree, VanEck, and Invesco, all vying
for the approval of similar crypto ETFs as ARK. Wood’s
forecast also emphasizes the significance of strategic marketing.
Given the anticipated resemblance among various funds, Wood
suggests that issuers’ marketing prowess will be crucial in setting
them apart as a race for dominance is expected. This insight
underscores the competitive edge sought by applicants in a rapidly
evolving sector. BTC price recovers as positive sentiment grows |
Source: BTCUSD on Tradingview.com As Cathie Wood’s prediction
reverberates through the financial realm, industry observers
await SEC’s response. With a significant deadline for ARK’s
application looming on August 13, amidst speculation of potential
delays, Wood suggested that the deadline might pass and be extended
but then the date will be eagerly waited on. Although Ark
Invest filed for its spot Bitcoin ETFs application on May 15,
earlier than others like BlackRock who filed its application on
June 15, this was thought to be a race for winners or losers
according to Cathie’s “first in line” phrase to favor Ark Invest.
However, her revised view makes the race for Spot Bitcoin ETFs and
SEC ruling more interesting. This innovative forecast accentuates
the intersection of forward-thinking and regulatory dynamics,
highlighting an era where digital assets are increasingly
integrated within traditional financial frameworks, especially the
recent push for ETFs. Related Reading: Valkyrie Unveils
Double-Barreled Approach To Launch An Ethereum ETF Alongside A
Bitcoin ETF Wood is known for her unwavering conviction in
disruptive innovations and the companies behind them with her
investment management firm ARK Invest boasting numerous high-value
stocks like CoinBase Global (COIN), Tesla(TSL), and Block (SQ),
among others. Wood also reportedly bought $100,000 worth of
Bitcoin years ago when it was sold for $250 apiece and the CEO
revealed that she has never sold a single BTC. Featured image from
MarketWatch, chart from Tradingview.com
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024