US SEC postpones decision on Ark Invest’s Bitcoin ETF application (report)

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ARK Investment Management – ​​a company led by fund manager Cathie Wood – is expected to wait longer than expected to hear the US SEC’s decision on whether it can launch a spot Bitcoin Exchange Traded Fund (ETF).

  • In May this year, the company once again displayed its ambitions to introduce a product that tracks the performance of the leading cryptocurrency. He applied for permission to list the spot Bitcoin ETF on CBOE Global Markets (a US organization that owns the Chicago Board Options Exchange and stock exchange operator BATS Global Markets).

“In seeking to achieve its investment objective, the Trust will hold bitcoin and price the shares daily against the index. The Trust will process all in-kind creations and redemptions in transactions with Permitted Participants. The Trust does not is not actively managed,” ARK Invest said at the time.

  • According to a cover by Reuters, the SEC postponed its decision to greenlight the product until August 30.
  • It should be noted that the financial watchdog has not been so kind to ARK Invest in the past. In April, he rejected the company’s previous spot Bitcoin ETF application, citing lack of investor protection as the reason.
  • In addition to ARK Invest, the SEC has denied several other applications from other companies, including Grayscale and NYDIG.
  • Shortly after the rejection, Grayscale CEO – Michael Sonnenshein – said his company had filed a complaint against the regulator. Specifically, the lawsuit argues that the SEC acted against the Administrative Procedure Act and the Securities Exchange Act.
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