The race to launch a spot Bitcoin exchange-traded fund (ETF) in the United States is heating up, with Cathie Wood, CEO of Ark Invest, claiming that her firm is first in line.
Wood made the comments during an interview with CNBC on July 7, 2023. She said that Ark Invest has filed an application with the Securities and Exchange Commission (SEC) for a spot Bitcoin ETF and that she expects the regulator to make a decision on the application in the coming months.
Ark Invest Claims to Be First in Line for Spot Bitcoin ETF
If approved, Ark Invest’s spot Bitcoin ETF would be the first of its kind in the United States. Spot ETFs track the price of an underlying asset, such as Bitcoin, directly. This is in contrast to futures ETFs, which track the price of Bitcoin futures contracts.
The SEC has rejected several spot Bitcoin ETF applications in the past, citing concerns about market manipulation and investor protection. However, there is growing momentum for the approval of a spot Bitcoin ETF in the United States.
In March 2023, the SEC approved a spot Bitcoin ETF in Canada, which has led to increased demand for a similar product in the United States. Additionally, a number of high-profile financial institutions, including Fidelity and BlackRock, have filed applications for spot Bitcoin ETFs.
Wood believes that the SEC is likely to approve a spot Bitcoin ETF in the United States in the near future. She said that the regulator is “under a lot of pressure” to approve such a product and that she is “confident” that Ark Invest’s application will be successful.
The launch of a spot Bitcoin ETF in the United States would be a major milestone for the cryptocurrency industry. It would make it easier for investors to gain exposure to Bitcoin, and it would likely lead to increased institutional investment in the asset.
The race for a spot in Bitcoin ETF is heating up, and Ark Invest is leading the pack. If approved, Ark Invest’s spot Bitcoin ETF would be a major victory for the cryptocurrency industry.