Breaking: Cathie Wood’s Ark Spot Bitcoin ETF Filing Amended

Anvesh Reddy
June 28, 2023
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Ark Invest Bitcoin

Crypto Market News: The crypto market’s Bitcoin ETF frenzy continues to develop with many financial giants following Blackrock in filing for the spot Bitcoin ETF. In a latest development, Cathie Wood’s Ark Invest, which also filed an application with the SEC for a spot Bitcoin Exchange Traded Fund (ETF), made a change to its filing. Interestingly, the amendment could potentially have a clash with the Blackrock filing.

Also Read: Cardano Price Lifeline Danger As Robinhood Delists ADA – Are Losses To $0.22 Imminent?

Earlier, CoinGape reported comments about the ARK Bitcoin ETF filing having the first mover advantage, above Blackrock, which the world’s largest asset manager. This makes it an interesting wait for the SEC’s decision, and more importantly, who gets the decision first, Blackrock or Ark?

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Ark Bitcoin ETF Filing – Amendments

The BlackRock filing mentioned its plans to use US crypto exchange Coinbase’s Custody platform and spot market data for pricing. The latest amendment to Ark’s spot bitcoin ETF filing relates to the inclusion of a surveillance sharing agreement with a crypto exchange. This could likely be Coinbase, considering Ark CEO Cathie Wood’s investments in Coinbase stock. It was only on June 7, 2023 that Cathie Wood’s Ark Invest added $21 Million worth Coinbase (COIN) shares to its portfolio.

ARK-bitcoin-etf

Hence, there could be a conflict of interest from partnership point of view, if the Ark Bitcoin ETF also plans to use Coinbase services. Either way, this could come as a welcome problem of plenty for the US based crypto exchange.

Wood is among the Bitcoin supporters who is bullish that the top cryptocurrency would reach the $1 million milestone by the year 2023. Meanwhile, Eric Balchunas, an ETF analyst at Bloomberg, wonders if the Ark ETF decision would be delayed and Blackrock filing approved thereafter.

Also Read: Michael Saylor’s MicroStrategy Buys Another 12,333 Bitcoins, Bull Run On?

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.