©Reuters.
NEW YORK – Ark Invest and 21Shares have made a significant change to their application to create a bitcoin exchange-traded fund (ETF), which could signal a step closer to approval from the Securities and Exchange Commission ( SEC) of the United States. The filing update, which includes provisions for cash redemptions, is seen as a move to align with SEC requirements, a major hurdle for the cryptocurrency-focused exchange-traded fund.
The change is part of a broader trend as several applicants have made similar adjustments in hopes of meeting regulatory standards set by the SEC. Notably, Cathie Wood, CEO of Ark Invest, strategically withdrew from the Grayscale Bitcoin Trust. This divestment is interpreted by market observers as a realignment of Ark’s investment strategy in anticipation of the SEC’s decision on its Bitcoin ETF, expected in early January 2024.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.