Ark Invest CEO Hopeful Multiple Bitcoin Spot ETFs will Receive Approval Simultaneously

Updated: 08 August 2023

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Founder and CEO of Ark Invest, Cathie Wood, is hopeful that multiple spot Bitcoin ETFs will receive approval at the same time,

Sharing her views on Bitcoin Spot ETFs with Bloomberg, Cathie Wood said that while she expects the SEC to delay the decision for her first spot Bitcoin ETF application, multiple Bitcoin ETFs will be approved simultaneously, sparking competition in the field.

ARK Investment Management CEO Cathie Wood said that the SEC may approve multiple spot-Bitcoin ETFs at the same time, reversing an earlier view that her firm would be first in line to get potential approval for the long-awaited product https://t.co/neYj2VnoCe pic.twitter.com/0EQ5oMMjBP

— Bloomberg TV (@BloombergTV) August 7, 2023

Highlighting her firm’s experience in Bitcoin, Cathie Wood said that Ark Invest had been profoundly researching Bitcoin since 2015 and was the first asset manager to invest in BTC through Grayscale Bitcoin Trust (GBTC).

Ark’s Bitcoin Spot ETF Application Ruling Coming on August 14

CNBC has recently reported that dealing for Ark’s spot Bitcoin ETF application is coming close. The date has been set for August 14th.

Ark’s application was first published in the Federal Register on May 15. The upcoming ruling will decide whether the application will be accepted or rejected, or more institutional proceedings will begin to analyze the application further.

While the ruling date has been set, that doesn’t mean we will likely see the results soon. “SEC can extend the deadline by 240 days, which means it can theoretically delay the ruling on Ark’s application till January 10th, 2024. “Mark Hougan, Chief Investment Officer at Bitwise Asset Management, also filed a spot Bitcoin ETF application.

Will Ark Sell GBTC After the Approval?

Cathie Wood is known for her bullish views on Bitcoin and other crypto assets. She recently told Cointelegraph in an interview she is also bullish on Coinbase after the Ripple Ruling. For Ark’s application for Bitcoin spot ETF, she partnered with 21Shares, a Swiss-based crypto ETP issuer.

When asked whether she would sell GBTC (Grayscale Bitcoin Trust) after the approval, she said that the compliance team had instructed her to refrain from commenting.

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