Ark Invest And 21Shares Make Changes To Etf Application

The latest update is recorded as the third amendment made since the companies applied in April 2023.

Cathie Wood-led Bitcoin advocate ARK Investment Management remains committed to its efforts for a spot Bitcoin ETF. On November 20, the company submitted a modified prospectus for a spot Bitcoin ETF product developed in collaboration with the European-based digital asset manager 21Shares.

According to the updated document, if the product receives approval, the ETF named ARK 21Shares Bitcoin ETF will be traded on the Chicago Board Options Exchange under the symbol ARKB.

This update is noted as the third amendment made to the prospectus since ARK's application in April 2023. Previously, in October, ARK had amended its S-1 registration statement, a development viewed positively by experts.

The SEC, in September, once again postponed its decision on ARK's application, with the new decision date set for January 11, 2024.

According to Bloomberg ETF analyst Eric Balchunas, the latest application includes a series of risk disclosures designed to meet corporate financing requirements. Balchunas commented, "The more updates in the documents, the more it shows readiness for SEC approval."

Bloomberg ETF observer James Seyffart suggested that the recent application likely indicates progress in SEC discussions. Franklin Templeton and Global X are reportedly the only two companies among the 12 applicants for a spot Bitcoin ETF that did not amend their S-1 applications.

Stay up to date with developments in the cryptocurrency markets and the latest news on Kriptospot.com.