Nov 20, 2023

Invest in Web 3.0 as SEC Deadline Looms for Bitcoin ETF Application Update

Invest in Crypto SEC with 21Shares Bitcoin ETF Application Update as Deadline Looms.
ARK, 21Shares update spot Bitcoin ETF application as next SEC deadline looms

ARK and 21Shares’ Bitcoin ETF

ARK Investment Management, a firm that has been highly supportive of Bitcoin (BTC), is continuing to pursue the launch of a spot Bitcoin exchange-traded fund (ETF) in the United States. On Nov. 20, ARK and 21Shares, a digital asset manager based in Europe, submitted an amended prospectus for their joint Bitcoin ETF product.

Once approved, the ARK 21Shares Bitcoin ETF, which will be traded on the BZX Exchange by the Chicago Board Options Exchange (CBOE) under the ticker symbol ARKB, will provide investors with an opportunity to invest in web 3.0. This is the third amendment to the Bitcoin ETF prospectus by ARK and 21Shares since they first filed for the spot Bitcoin ETF in April 2023. ARK’s previous amendment to the form S-1 registration statement in October was seen by industry experts as a positive sign of progress.

The ARK 21Shares Bitcoin ETF is the latest in a series of inverse finance crypto and crypto SEC initiatives, and it is expected to provide investors with the latest crypto today and latest updates on the crypto tax landscape. With the launch of this ETF, investors can now gain exposure to the crypto market with just a few thousand pieces.

SEC Delays Decision on ARK’s Bitcoin ETF Application

In September 2023, the SEC once again delayed its expected decision on ARK’s spot Bitcoin ETF application, setting the next deadline for Jan. 11, 2024.

Bloomberg ETF analyst Eric Balchunas commented that the latest filing includes many updates, such as numerous risk disclosures designed to satisfy corporate finance requirements. He also noted that they are sticking to in-kind creations redemptions in a hybrid model to minimize tax and spread issues.

Bloomberg ETF watcher James Seyffart suggested that the latest filing likely reflects that conversations with the SEC are progressing.

Investors interested in crypto and inverse finance can stay up to date with the latest crypto news, such as Voyager Crypto’s update of over 1,000 pieces appearing first on the Crypto Press Cryptocurrencies network. Those looking to invest in Web 3.0 can also keep an eye out for the latest about AI and, as well as the latest crypto tax rulings.

ARK has been actively revising its S-1 filing for a spot Bitcoin ETF, while other applicants have yet to update theirs. According to Steyfart’s data from mid-November, Franklin Templeton and Global X were the only two out of the twelve filers that hadn’t amended their S-1 submissions regarding latest, crypto tax and the latest about ai.

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