Key Takeaways
- ARK Invest and 21Shares lead the race by submitting their final amendments for a Bitcoin ETF ahead of the SEC's December 29 deadline;
- The SEC set the deadline during meetings with representatives from various firms, emphasizing the importance of timely filings to be part of the initial wave of potential approvals;
- More firms are expected to submit amended S-1 filings in the next 24 hours, intensifying the competition for spot Bitcoin ETF approval in January.
With Bitcoin ETFs on the horizon, the world of cryptocurrency is about to collide with traditional finance in an unprecedented way, and ARK Invest is leading the charge.
ARK Invest and 21Shares have made a significant move in the race to launch a Bitcoin ETF by being the first to submit their final amendments to the United States Securities and Exchange Commission (SEC) ahead of the December 29 deadline.
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This development comes as the SEC holds meetings with several firms, establishing the critical deadline to be considered for early January 2024 spot Bitcoin ETF approvals.
The SEC met with representatives from various firms on December 21, emphasizing the importance of filing their final S-1 amendments by December 29 to be part of the initial wave of potential spot Bitcoin ETF approvals in early January. Any issuer missing this deadline risks exclusion from the first wave of approvals.
ARK Invest made its move by filing an amendment to the S-1 registration statement for its Ark 21Shares Bitcoin ETF on December 28. Bloomberg ETF analyst Eric Balchunas highlighted that the amendment primarily focused on authorized participants.
Interestingly, on December 19, Ark had already revised its application, introducing changes related to cash creations and redemptions for shares in the fund. This aligns with other issuers who have also made adjustments to accommodate cash creations.
James Seyffart, another Bloomberg ETF analyst, expressed his surprise at the absence of amended Bitcoin ETF filings earlier. Balchunas suggested that some issuers might be waiting until the last minute to keep their amendments away from competitors' eyes.
With over a dozen firms competing for approval of a spot Bitcoin ETF, more amended S-1 filings are expected in the next 24 hours. This flurry of activity indicates the growing anticipation for the launch of spot Bitcoin ETFs in January.
Nate Geraci, president of ETF Store, commented on the situation, highlighting the positive aspect of the ongoing saga.
The coming weeks promise to be an exciting time as the race for Bitcoin ETF approval unfolds, potentially reshaping how cryptocurrencies are accessed and traded in the United States.
