ARK Investment Management, a pro-Bitcoin firm led by veteran investor Cathie Wood, is reportedly ahead of BlackRock in the race to launch a spot Bitcoin exchange-traded fund (ETF) in the US. While BlackRock filed for a spot Bitcoin ETF in mid-June, ARK and European asset manager 21Shares had already applied for one in April, putting them first in line for SEC approval, according to analysts.
The next decision date for ARK and 21Shares is Aug. 13, 2023, while BlackRock’s application status remains unclear. Despite growing optimism over a potential arrival of a spot Bitcoin ETF in the US market, many experts believe that such products are not coming soon, with reviews and regulations expected to take some time.
Previously Filed Applications for Spot Bitcoin ETFs
BlackRock’s filing for the iShares Bitcoin Trust has triggered a wave of reactivated Bitcoin ETF filings. Companies like crypto fund manager Valkyrie, WisdomTree and Invesco shortly re-filed for spot Bitcoin ETFs, with Bitwise also reportedly trying once again for a BTC ETF.
Many industry observers have highlighted timing for BlackRock’s spot Bitcoin ETF filing, with some alleging that the firm could have insider information about the SEC’s BTC ETF policies.
Despite the optimism surrounding the potential arrival of a spot Bitcoin ETF to the US market, many experts remain skeptical that such products will become available anytime soon. Wade Guenther, a partner at Wilshire Phoenix, stated that he does not believe that a spot Bitcoin ETF will be publicly available until next year or potentially even later.