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Ark 21Shares Backers Take Another Shot at Spot Bitcoin ETF Approval
The initial application for a spot bitcoin ETF was rejected in April.
Updated May 11, 2023, 5:39 p.m. Published May 26, 2022, 3:39 p.m.
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Cathie Wood’s ARK Investment Management and Switzerland-based investment-products issuer 21Shares are having another try at getting their spot bitcoin exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission.
- The SEC rejected an application for the ARK 21Shares Bitcoin ETF in April, citing a lack of investor protections.
- A new filing was made May 13 by Cboe BZX Exchange.
- The SEC said in a filing that it is soliciting comments with respect to the new application.
- The SEC has yet to approve any spot bitcoin ETFs. It has either rejected or delayed those requests, while allowing funds that trade bitcoin futures.
- In its filing, Cboe said it believed it “represents a regulated market of significant size” and that the proposal should be approved, according to the May 25 filing.
Read more: Valkyrie’s Bitcoin Futures ETF Gets SEC Approval, Following Teucrium Nod
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