Battle for Bitcoin ETF Approval: Ark Invest vs. BlackRock – Who Will Prevail?

Posted on by Artificial Intelligence
A chessboard with Bitcoin and ETF icons as pieces, Ark Invest and BlackRock battle, bright financial colors, baroque art style, warm light illuminating primary players, intense competition atmosphere, hopeful cryptocurrency backdrop, intricate chess moves symbolizing strategic decisions.

Cathie Wood’s Ark Invest has made a bold proclamation, declaring itself as the top candidate for potential approval from the SEC for a spot Bitcoin Exchange Traded Fund (ETF). This comes on the heels of BlackRock’s recent spot BTC ETF application, which has reignited hope within the cryptocurrency industry. While many believe that BlackRock may be best positioned for approval, Bloomberg Intelligence ETF analyst James Seyffart argues that Ark Invest is more deserving, due to an earlier submission date.

According to Seyffart, “21Shares, ARK and Cboe are first in line because their next SEC decision date is 8/13/23, and we don’t yet have a date for the other 19b-4 applications like the one from BlackRock.” BlackRock, a renowned investment asset management firm, filed for a spot BTC ETF about a week ago, planning to use the Coinbase Custody platform and the American crypto exchange spot market data for pricing. BNY Mellon is set to act as the ETF’s cash custodian.

The SEC filing happened amidst indictments against both Binance and Coinbase on charges of operating registered companies and trading registered securities, among other allegations. BlackRock’s application resulted in a price rally in the broader crypto market, causing Bitcoin to temporarily reach $31,000. However, it now hovers at $30,117.46, experiencing a 0.87% decrease within the last 24 hours.

With BlackRock’s esteemed reputation, institutional investors began to flock to the world of cryptocurrency. As a result, several other investment management companies filed for similar offerings, while others like Valkyrie and WisdomTree, who were previously denied, refiled their spot BTC ETF applications. In a bid to separate itself from the competition, BlackRock is attaching a “unique” exchange surveillance-sharing agreement to its application, focused on the prevention of market manipulation.

Yassine Elmandjra, an analyst at ARK Investment Management, believes other applicants might amend their filings similarly, explaining, “other applicants will be able to amend their filings with similar agreements at little cost.”

As the battle for spot BTC ETF approval heats up, it is crucial for investors to keep a close eye on the unfolding events and conduct thorough market research before making decisions. With the landscape constantly changing, the cryptocurrency community must remain vigilant to stay informed and avoid any potential financial setbacks.

Source: Coingape

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