ARK Invest Joins BlackRock and Fidelity in Race for Bitcoin ETF

<p>When the
world's largest fund manager, BlackRock, decided to apply for the creation of a
spot Bitcoin (BTC) <a href="https://www.financemagnates.com/terms/e/exchange-traded-fund-etf/">exchange-traded fund (ETF</a>) two weeks ago, nobody expected it
to trigger a new fever in the cryptocurrency market.</p><p>The BTC
price reached new highs for the year, and other Wall Street giants began to
join BlackRock. Among them were <a href="https://www.financemagnates.com/cryptocurrency/invesco-and-wisdomtree-join-blackrock-in-pursuit-of-spot-bitcoin-etf-approval/" target="_blank" rel="follow">Invesco, WisdomTree</a>, <a href="https://www.financemagnates.com/cryptocurrency/fidelity-investments-on-the-verge-of-filing-bitcoin-etf-application/" target="_blank" rel="follow">Fidelity</a>, and also ARK
Investment Management (ARK Invest), owned by popular investor Cathie Wood.</p><p>ARK Invest Updates its
Bitcoin ETF Application</p><p>Although
<a href="https://www.financemagnates.com/cryptocurrency/blackrock-seeks-approval-for-a-spot-bitcoin-etf-in-the-us/" target="_blank" rel="follow">BlackRock sparked a wave of new applications</a> to register a <a href="https://www.financemagnates.com/tag/bitcoin-etf/" target="_blank" rel="follow">Bitcoin ETF</a>, ARK
Invest was the first to submit such an application this year. Cathie Wood's
firm had already filed an application in April to create an instrument that
tracks the price of 'physical' cryptocurrency.</p><p>As the
topic has become hot in the media and drives the prices of major digital assets,
ARK decided to refresh its application. As can be seen from the amendment filed
with the Securities and Exchange Commission (SEC) yesterday (Wednesday), the
company made changes in its original application to make it similar to the one
filed by BlackRock.</p><p>The most
important updates include a contract to share oversight with the futures market
run by the Chicago Mercantile Exchange (CME) and a cryptocurrency exchange.
This is most likely going to be Coinbase.</p><blockquote><p lang="en" dir="ltr">JUST IN: ARK has amended their 19b-4 for spot bitcoin ETF to include a surveillance sharing agreement bt CBOE and a crypto exchange (likely Coinbase), which makes their's like BlackRock's filing now, and puts them in pole position to be approved first bc they filed first. <a href="https://t.co/P8PCmPdhln">pic.twitter.com/P8PCmPdhln</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1674055780058771463?ref_src=twsrc%5Etfw">June 28, 2023</a></blockquote><p>The
decision on the cryptocurrency ETF from ARK Invest, which it applied for with
21Shares, is first in line with the SEC. According to the current schedule,
this should be decided by 13 August.</p><p>Bitcoin Prices Soar amid ETF Fever</p><p>At the time
of BlackRock's announcement about applying for the creation of a spot Bitcoin
ETF, one BTC cost less than $25,000. The cryptocurrency price was then testing
three-month lows.</p><p>Wall Street giants' interest in the market <a href="https://www.financemagnates.com/cryptocurrency/crypto-etfs-attract-record-cash-amid-regulatory-crisis-in-the-us/" target="_blank" rel="follow">caused a dynamic increase in
the crypto price</a>. It rose by over 26% in a week and tested the $31,000 level,
setting new highs for the year.</p><p>However,
the on-chain data suggest that the upward movements were not due to greater
network activity, but pure speculation and an influx of more cash into
regulated cryptocurrency instruments. Although a spot <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> ETF is not yet
available, investors can take advantage of ETFs tracking the prices of BTC
futures contracts, options or futures themselves.</p>

This article was written by Damian Chmiel at www.financemagnates.com.