• ARK Invest has amended its SEC filing by including a Surveillance-Sharing Agreement.
• This agreement may enhance the company’s chances of being the first to gain approval for their Bitcoin ETF.
• The SEC is expected to make a decision in August on whether or not to approve the ETF.
ARK Investment Management Takes Lead in Bitcoin ETF Approval Race
Surveillance Agreement Enhances Chances of Approval
ARK Invest has amended its SEC filing by including a surveillance-sharing agreement. This modification comes after BlackRock filed for its own Bitcoin ETF, which already included such an agreement. With the amended 19b-4 filing, ARK could be in direct competition with BlackRock to secure the first-ever approval for a spot Bitcoin ETF in the United States. 21Shares mentioned in a blog post that this addition to their proposal was made to enhance the strength of their application and indicate that the spot Bitcoin market is mature and compliant enough for a related ETF.
Impact on SEC Approval
According to Eric Balchunas, the SEC is expected to make a decision on whether or not to approve the ETF in August. Any potential delays may be viewed unfavorably by investors who are eager for access to regulated and diversified exposure through products like these proposed funds. However, if ARK’s proposal is approved before BlackRock’s, it could set a price target of $50,000 for bitcoin due to its innovative surveillance agreement with CBOE and Coinbase – potentially making it more attractive than other similar offerings on the market.
CBOE & Coinbase Partnership
The document mentions that trading on CBOE’s platform accounts for significant Bitcoin trading in the United States and reveals that they anticipate entering into a surveillance-sharing agreement with Coinbase – one of America’s largest cryptocurrency exchanges – which is likely part of their attempt at increasing their chances at gaining approval from regulators. Such an arrangement would also provide transparency into pricing as well as help ensure compliance with regulations designed around investor protection measures such as preventing fraud and manipulation within markets.
It remains unclear when exactly regulators will give final approval (or rejection) but all eyes are now firmly fixed on ARK Invest as they appear increasingly likely to become first out of the blocks with their innovative approach and comprehensive surveillance agreements with two major players within US crypto markets: CBOE & Coinbase.