Cathie Wood predicts massive approval of spot bitcoin ETFs

massive approval of spot bitcoin ETFs

Cathie Wood believes the Securities and Exchange Commission (SEC) will open the floodgates for a host of innovative cryptocurrency-related ETFs. ARK Investments, which she manages, is just one link in a chain of companies looking to set new standards for U.S. investors by offering them the opportunity to participate in the cryptocurrency market through innovative exchange-traded fund solutions.

Bitcoin ETF offensive

Cathie Wood, pioneer and CEO of ARK Investments, expressed her prediction, suggesting that the SEC will open the door to many new exchange-traded funds related to Bitcoin.

During an interview with Fintech Vision’s August 7 editorial board, Wood suggested that if the SEC decides to move forward with any of the initiatives currently under review, there is a real chance of approving “more than one ETF at a time.” ARK Investments already submitted one of its latest proposals for a Bitcoin-based ETF in June.

Wood’s statement found related echoes in the context of a suggestion by Grayscale, which is currently in a battle with the Commission over its refusal to approve a proposal to turn the Bitcoin Trust into a Bitcoin ETF. In July, Grayscale’s lawyers filed a formal request with the SEC, calling for simultaneous consideration of all proposals for spot cryptocurrency ETFs. This is all in an effort to avoid unfavorably favoring one of them.

The race is on

It should be noted that the SEC has so far not approved the introduction of cryptocurrency spot ETFs in the United States. Nevertheless, it has allowed the listing of ETFs based on futures contracts linked to Bitcoin. At the time of these words, the Commission has already received a number of applications for Bitcoin-related ETFs from such giants as Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity and ARK Investments.

Cathie Wood additionally indicated that the deadline for ARK Investments to file official documents on the issue of Bitcoin-based ETFs is likely to be extended by the SEC. The body has until August 13 to make a decision on whether to approve, reject or possibly delay the application submitted by ARK. The Commission has a maximum of 240 days to make a decision – meaning a verdict is expected by January 2024.

Bitcoin in Canada is doing much better than in the US

The race to launch the first cryptocurrency ETF in the United States has become a topic of heated discussion among cryptocurrency experts and the media. The submission by BlackRock, the world’s largest asset management company, has attracted particular attention. It is worth mentioning that regulations in other countries, including Canada, have already allowed the launch of BTC-based ETFs.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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