Cathie Wood – CEO of ARK Investment Management – believes the United States Securities and Exchange Commission (SEC) could greenlight more than one spot BTC ETF simultaneously.
ARK Invest’s analyst Yassine Elmandjra had quite a different opinion at the end of June, forecasting that the organization (which has also applied with the securities regulator to introduce such a financial product) is the first in line to receive approval.
It’s Either None or Many of Them at Once
Ark Investment’s CEO said in a recent Bloomberg interview that she expects the SEC to approve multiple spot Bitcoin exchange-traded funds at once (if it decides to ultimately say “yes” to that kind of a product):
“I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once.”
Cathie Wood, Source: The Street
One person who supported her thesis is James Seyffart – an ETF analyst at Bloomberg Intelligence. In his view, the SEC’s “path of least resistance” would be to greenlight all or at least many of the spot BTC ETFs filed until now.
Recall that some of the world’s leading finance giants, such as BlackRock, Invesco, WisdomTree, Fidelity, and more, have displayed ambitions to introduce that type of a fund which offers consumers the chance to gain exposure to bitcoin without directly buying the asset on an exchange.
The world’s largest asset manager has an outstanding record with the SEC, seeing 575 out of its 576 ETFs approved over the years. Somewhat expectedly, its jump into the crypto industry has generated overall enthusiasm and could be considered one of the factors that led to the market’s rally since mid-June.
According to Galaxy Digital’s CEO – Mike Novogratz, launching a spot BTC ETF in the US is a matter of “when not if.” He recently suggested that such a product could pop up in the next four to six months, relying on his internal information.
Not the First in the Queue Anymore?
Wood’s most recent thoughts contrast with the ones shared by analyst Yassine Elmandjra. The latter predicted several weeks ago that ARK Invest could be the first company to obtain the SEC’s approval and thus become a pioneer in the spot BTC ETF field.
The crypto community expects more clarity on the matter once it sees how the lawsuit between Grayscale and the regulator will unfold. The digital asset manager sued the SEC shortly after the latter rejected the conversion of the spot Grayscale Bitcoin Trust (GBTC) into an ETF.
Bloomberg Intelligence Senior Legal Analyst Elliot Z. Stein determined that the crypto firm has a 70% chance of winning the legal battle.
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