Famous investment company Ark Invest has just announced a Bitcoin ETF filing with the SEC. The firm revealed that it partnered with 21Shares in its ETF undertaking because of its experience in this field.
The proposed BTC ETF will get listed as ARK 21Shares Bitcoin ETF. The proposed ETF will track the performance and price of the benchmark, offering BTC exposure for regulated markets.
While Bitcoin has remained in a range-bound momentum for a while now, crypto-based funds and experts predict a spike in demand and price soon. Cathie Wood, the founder of the investment company, is a big Bitcoin fan, and much of Ark’s holdings reside in crypto companies like Coinbase and Bitcoin itself.
Wood recently predicted that Bitcoin could hit $500,000 because of its inherent properties while admitting that it could take a while for this prediction to come true given the current state of the market.
Ark Invest’s Bitcoin ETF Filing Comes Amid SEC Apathy
Ark Invest has become the latest of several companies to apply for a BTC ETF this year alone. Other companies awaiting approval of a Bitcoin ETF include Galaxy Digital, VanEck, Fidelity, SkyBridge Capital, NYDIG, WisdomTree Investments, and BitWise. The US Securities and Exchange Commission is yet to approve any and has delayed giving a verdict on some.
Meanwhile, SEC Chairman Gary Gensler asserted that the cryptocurrency sector still requires a comprehensive regulatory framework. The Chairman recently stated that:
“This is a quite volatile one might say highly volatile, asset class and the investing public would benefit from more investor protection on the crypto exchanges.”
That said, analysts and experts doubt the possibility of seeing the approval of a BTC ETF this year. The SEC argues that most of the problems it highlighted in Bitcoin, including price volatility and market manipulation, a long while ago still exist.
Nonetheless, asset managers will continue to jostle for the opportunity to launch the very first BTC ETF in the US.
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