Cathie Wood’s Ark Amends Bitcoin Spot ETF Application to Emulate BlackRock

In an effort to increase its chances of getting approval from the U.S. Securities and Exchange Commission (SEC), ARK Invest, led by Cathie Wood, has made amendments to its Bitcoin Spot ETF filing. The changes come after taking inspiration from the filing presented by investment giant BlackRock earlier this month.

The Crucial Change by ARK

The modified 19b-4 filing by ARK suggests that the Cboe BZX Exchange, where ARK’s 21 Shares ETF would be listed, will enter into a surveillance sharing agreement (SSA) with a United States-based spot trading platform for Bitcoin. Although ARK did not disclose the specific exchange partner, it claimed that it represents a substantial portion of US-based Bitcoin trading.

This proposed Spot BTC SSA, combined with the information available through the Intermarket Surveillance Group (ISG) related to CME Bitcoin Futures, would enhance the exchange’s ability to detect and deter manipulation of the ETF shares.

The lack of a sufficient surveillance-sharing agreement regarding Bitcoin spot trading was the reason behind the rejection of ARK’s previous ETF application in January. While ARK and other firms proposed an agreement with CME Bitcoin Futures, the SEC argued that this market isn’t closely connected enough to spot Bitcoin trading.

ARK defended its choice of using CME Bitcoin Futures by pointing out that other ETFs have been approved for commodities that use relevant CME futures markets as a regulated market of significant size. These approved ETFs include commodities like gold, silver, platinum, palladium, and copper, which also have unregulated spot markets.

BlackRock’s Filing

BlackRock’s own 19b-4 filing included the same passage as ARK regarding its stock exchange, Nasdaq, entering into an SSA with a United States-based spot Bitcoin exchange. Bloomberg ETF analyst Eric Balchunas suggests that since ARK filed its application first, it has a higher chance of being approved before BlackRock.

This adds another twist to the plot bc SEC decision due on this in August, if they delay it is bad sign for approval unless, they delay and then approve BlackRock, which shows favoritism. Grayscale decision announcement also plays into timing of all this. GRAB THE POPCORN. – Eric Balchunas

Balchunas also speculates that BlackRock may have prevented Coinbase from participating in ARK’s SSA due to its existing partnership with Coinbase for its own product.


  • Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures for the first month (terms apply).
  • PrimeXBT Special Offer: Use this link to register and enter the promo code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.

Sources: Cathie Wood’s Ark Amends Bitcoin Spot ETF Application to Copy BlackRock

Editor Notes: Encouraging Investors to Stay Informed with Uber Crypto News

Stay up-to-date on the latest developments in the world of cryptocurrency and blockchain technology with Uber Crypto News. Our platform offers comprehensive coverage of market trends, regulatory changes, and groundbreaking innovations shaping the industry. Whether you are an experienced trader or just starting with cryptocurrencies, Uber Crypto News provides valuable insights and analysis to help you make informed investment decisions.

With a user-friendly interface and a team of expert contributors, Uber Crypto News delivers reliable information in a clear and concise manner. Don’t miss out on the opportunity to enhance your crypto knowledge. Visit Uber Crypto News today and join our thriving community of crypto enthusiasts!

You might also like

Comments are closed, but trackbacks and pingbacks are open.