SEC Expected to Delay Decision on ARK Bitcoin ETF Application, says Cathie Wood
The US Securities and Exchange Commission (SEC) is likely to delay its decision on the application for a spot Bitcoin ETF filed by Ark Invest on May 15, according to Cathie Wood.
The current deadline for the announcement of the financial regulatory authority’s decision on this submission is August 13. However, the renowned investor expects the SEC to extend this deadline.
In a conversation with Bloomberg this morning, the founder and CEO of Ark Invest also hinted at the possibility of the US SEC approving a series of Bitcoin ETFs at once.
“I think if the SEC wants to approve a Bitcoin ETF, they will approve more than one at once. Most of them will be the same, and it will depend on marketing and communication,” Wood said.
Apart from her investment management company, eight others, including BlackRock Inc., have also applied for such an exchange-traded fund.
Wood has a significant stake in Grayscale Bitcoin Trust
A Bitcoin ETF has been the center of all cryptocurrency-related debates in recent months.
In fact, the possibility of it becoming more convenient to invest in BTC has largely contributed to Bitcoin’s 80% rally since the beginning of the year. Wood also stated on Monday:
“For one year, we have been spending our bitcoins monthly. We are now starting a Bitcoin brainstorming session. We’re trying to make it known that our research is profound.”
Note that Grayscale Bitcoin Trust is the third-largest holding in her Ark Next Generation Internet ETF. However, Wood refrained from commenting on what she plans to do with her investment in GBTC if a spot Bitcoin ETF is approved by the financial regulatory authority.