<img src="https://crypto.news/app/uploads/2023/10/crypto-news-nft-sales-surge-after-SEC-fails03.webp” />
The US Securities and Exchange Commission must greenlight or reject Ark Investment's spot bitcoin (btc) ETF application by January 10, 2024.
The Florida-based asset management company reportedly has the second-closest filing deadline, with Grayscale's final deadline set for Jan. 1, 2024. Ark updated its S-1 filings with the financial watchdog on December 2, 2023, according to recent information. records.
The financial regulator initially postponed the verdict, seeking public opinion on the vulnerabilities of btc spot ETFs, after rejecting several requests. Gary Gensler and the SEC moved up the date of their decision by a maximum of 240 days.
After seeing the approval decision delayed in mid-August, Cathie Wood, who founded Ark Invest in 2014, is seeking a positive response from the SEC. bitcoin-etf-is-near.html” target=”_blank” rel=”noreferrer noopener”>Bloomberg Analysts have put the odds of the watchdog approving spot ETFs at more than 60%.
The Ark21Shares bitcoin ETF, which arises from a collaboration of the asset management company with 21 stocks, will track the performance of bitcoin, using data from multiple crypto exchanges measured by the S&P bitcoin index, and will be listed on the Cboe BZX Exchange.
In an interview with the Wall Street Journal, Wood said the SEC's approval will give spot bitcoin ETFs a “seal of approval that it didn't have before.” He also emphasized that the btc price may reach between $1 and $1.5 million in the future.
Ark dumped around 102,672 shares of Grayscale bitcoin Trust (GBTC) to acquire around $3.6 million on Friday. The asset management company, which manages its Coinbase stock holdings, also sold more than 200,000 COIN shares on December 5.
Regardless of the recent sales, GBTC still holds the third-largest position in ARK Next Generation Internet ETF (ARKW), about 8.36% of the ETF's overall portfolio.
The sales indicate the bullish sentiment of the startup, which accumulates shares when the market experiences a downward trend and sells when there is a recovery.
The price of btc has seen upward momentum in the last quarter of 2023. At the time of this publication, the leading cryptocurrency by market cap was trading at $43,924, an increase of more than 16% from its values observed a year ago. month.
