Ark Invest COO Hints At Developments In Spot Ethereum ETF Filing
While the U.S. Securities and Exchange Commission’s (SEC) approval of the spot Bitcoin ETFs gave traders and investors an unexpected outcome in terms of the Bitcoin (BTC) Price curve, a section of applicants of the spot Ethereum ETF and market participants are hopeful of approval in the near future. The Ethereum (ETH) Price dropped by 12% in the last 7 days, which is double the BTC Price fell in the same period.
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ARK Invest COO Says ETH ETF Approval Soon
When asked whether the spot ETH ETF was on the cards, ARK Invest President and chief operating officer Tom Staudt said the approval was coming “soon.” Staudt recalled that ARK Invest was the first applicant to file for an Ethereum ETF with the US SEC and hence expressed confidence of an approval in near future. On September 7, 2023, Ark Invest became the first to file for a spot Ether ETF in the United States. The fund was initially aimed at expanding its portfolio of crypto products, at a time when the market was increasingly becoming confident of a Bitcoin ETF approval.
Speaking to Fox Business journalist Eleanor Terrett, the ARK Invest COO said the discussions with the SEC gives confidence of the possibility of an ETH ETF approval, both from legal principle and implementation standpoint. Compared to the timeline in the lead up to the spot Bitcoin ETF approval, the case for Ethereum ETF approval has changed philosophically, operationally and also legally, he explained.
Accumulation Continues
Meanwhile, ARK Invest chief executive officer Cathie Wood said a majority of the investment community are underestimating Bitcoin, in the context of the top cryptocurrency dropping below the $40,000 mark. Showing confidence in a potential turnaround in the prospects of crypto market, the Cathie Wood firm increased its holdings in Ark 21Shares spot Bitcoin ETF, offloading ProShares Bitcoin Strategy ETF (BITO).
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