Ark, 21Shares look to ‘strengthen’ bitcoin ETF filing after BlackRock joins race

Two weeks after BlackRock announced its intention to launch a similar fund, the fund issuers who believe they are well-positioned to introduce a spot bitcoin ETF have made amendments to their proposal.

Ark Invest and 21Shares re-filed to launch their spot bitcoin ETF in April. BlackRock revealed plans for the first time to try to bring such a product to market — spurring other issuers to re-enter the race. 

But a Wednesday filing by Cboe — the exchange that would list the planned ARK 21Shares Bitcoin ETF — notes that it expects to enter into a surveillance-sharing agreement with “an operator of a United States-based spot trading platform for bitcoin” — copying language from the BlackRock filing.

Trading on the platform “represents a substantial portion of US-based Bitcoin trading,” the document adds. 

The addition to the proposal was done in part to “further strengthen our application,” 21Shares wrote in a blog post. It also demonstrates that the spot bitcoin market is “sufficiently mature and compliant” to justify a related ETF’s approval, the company adds. 

Loading Tweet..

This update comes after BlackRock, which manages roughly $9 trillion in assets, filed for a spot bitcoin ETF earlier this month. The company’s listing exchange, Nasdaq, noted its willingness to enter into a surveillance-sharing agreement with a bitcoin spot trading platform. 

VanEck, which refiled for a spot bitcoin ETF last week, also included the additional intent to add such a surveillance-sharing agreement.

These additions are unique to other bitcoin ETF proposals that have relied primarily on the surveillance of bitcoin markets via the Chicago Mercantile Exchange (CME) futures markets. 

Read more: How ‘surveillance-sharing’ is designed to deter bitcoin ETF manipulation 

Sumit Roy, a senior analyst at ETF.com, told Blockworks earlier last week that the additional agreement BlackRock added might not be enough for approval, particularly if the platform operator is Coinbase — a company the SEC sued earlier this month.

BlackRock, VanEck and 21Shares declined to comment on the operator’s identity. 

Ark Invest CEO Cathie Wood said in a statement the company is proud to have the oldest active filing before the SEC and expects “to be first in line to be considered for approval.”

“We believe bitcoin’s long-term opportunity as a ‘risk-off’ asset and a ‘flight to safety’ for investors during periods when macroeconomic uncertainty is strengthening,” Wood added. “In our view, the approval of a Bitcoin ETF is important and would be a significant turning point in bitcoin’s path to institutional adoption.”

Matthew Sigel, VanEck’s head of digital assets research said in a Twitter thread last week that “all issuers should have the same timeline to a bitcoin spot ETF,” noting that the applications submitted are “nearly identical.”

Comments

Post a Comment

Popular posts from this blog

ETH’s Path Could Be Cleared To Reach $2,200: Analyst

Image
An analyst shared his predictions for BTC and ETH in an X post yesterday. If ETH can close this week between $1,796 and $2,148, the analyst predicts it could reach $2,200. The analyst also shared that he will remain bullish on BTC as long as it can stay above the $31.5K-$32.5K area. A Bitcoin enthusiast and analyst who goes by the name of Pentoshi shared his thoughts and predictions about BTC and Ethereum (ETH) in an X post yesterday. According to the analyst, if the price of ETH can close this week within the $2,148 and $1,796 range, it could open doors for the altcoin leader to climb to $2,200. $ETH Closing this weekly back inside the range opens up the doors to $2,200 Despite it severely underperforming BTC it's now beginning to enter the demand zone on the btc /eth ratio BTC is bullish as long as above the 31.5-32.5k area thus I'll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O — Pentoshi euroPeng (@Pentosh1) October 29, 2023 De
Read more

Prior to the launch of an ETF, Valkyrie reverses its purchase of ether futures contracts.

Image
In the realm of crafting written content, three critical elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity serves as the gauge for textual intricacy. Meanwhile, burstiness is the measure of sentence diversity, assessing the ebb and flow of sentence length and complexity. Lastly, predictability indicates the likelihood of anticipating the subsequent sentence. In human-authored content, you often encounter bursts of creativity, with a mosaic of lengthy, intricate sentences interspersed with concise ones. On the contrary, AI-generated content tends to maintain a more consistent rhythm. In light of these considerations, for the upcoming content I’m about to request from you, it’s imperative to strike a balance. We need a significant degree of perplexity and burstiness while minimizing predictability. Additionally, please adhere to the use of the English language exclusively. Now, let’s reimagine the following text: Speculation has arisen from Bloomberg
Read more

Coinbase CEO Brian Armstrong Addresses Regulatory Concerns in Crypto

CEO Brian Armstrong emphasized the need for clear regulations in the United States. Armstrong mentioned ongoing efforts in the US House of Representatives to establish a clear market structure. Coinbase feels confident in its legal case against the SEC, considering that the SEC has lost its last three-judge rulings. Coinbase CEO Brian Armstrong emphasized the need for regulatory certainty in the crypto space, saying “The US is lagging behind” in an interview with Yahoo Finance. Armstrong highlighted the large number of Americans who use crypto, which is 52 million, and stated that these people aren’t happy with the US because of its unclear regulations. The CEO believes that America doesn’t have clear rules like “83% of the rest of the G20 countries.” “There’s a couple of bills going through the House right now that would support how we can get clear market structure and stablecoins in the US,” Armstrong said. He added that Americans want this to happen,
Read more