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ARK Investment Management and 21Shares have submitted a registration for the ARK 21Shares Bitcoin ETF. Earlier today, VanEck officially filed a registration of securities with the U.S. Securities and Exchange Commission (SEC) for its Spot Bitcoin ETF. This move comes amid heightened anticipation for approving the first spot Bitcoin ETF in the United States. They join a list of more than a dozen applicants, including notable firms like Fidelity and Grayscale, all vying for this pioneering financial product.
ARK, VanEck Filings Intensify Race
The journey towards launching a Spot Bitcoin ETF in the United States has been marked by growing optimism despite concerns about potential rejections. Form 8-A for registration of securities with Cboe BZX is a crucial step. This comes as ARK 21Shares faces a SEC deadline of January 10 for a decision on its ETF. Meanwhile, the step by VanEck also underscores the company’s commitment and intensifies the competition in the final days leading to the SEC’s decision. Similarly, Fidelity and Grayscale have made strides with their respective filings, highlighting the burgeoning interest in this new investment avenue.
Goldman Sachs’ Strategic Positioning
Goldman Sachs has also emerged as a key player, seeking essential roles in the ETFs of both BlackRock and Grayscale. This involvement of major financial institutions reflects the growing legitimacy and interest in cryptocurrency-based financial products. The industry is now keenly awaiting the SEC’s decision, expected between January 8th and 10th.
A Balanced Path to Approval
The recent developments, including Fidelity’s approval from the CBOE to list its Bitcoin ETF offering, mark essential milestones in the regulatory journey. However, as highlighted by Bloomberg ETF analyst James Seyffart, it is important to note that these advancements do not equate to SEC approval for trading. The approval process requires the completion of various regulatory formalities, including the 19b-4 form and S1 filings.
The latest filings by ARK, VanEck, and Grayscale, combined with a reported meeting between the SEC and fund managers, confirm that the race for the Spot Bitcoin ETF is in its critical phase. The next week is poised to be a turning point for cryptocurrency investment in the U.S., with the possibility of the first ETFs beginning to trade.
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