Ark Invest’s Cathie Wood Expects the US SEC to Approve All spot Bitcoin ETFs At Once
Ahead this week on August 13, the US Securities and Exchange Commission’s evaluation for the ARK Invest’s fund would expire. However, Ark Invest CEO Cathie Wood believes that the SEC would delay the company’s proposed spot Bitcoin ETF application.
She further added that the securities regulator would approve multiple spot Bitcoin ETF applications at once, thus reversing from her previous view that the firm would be the first in line to get the potential approval for the long-awaited product.
“I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” the ARK Invest CEO told Bloomberg in an interview on Monday, August 7. In June, ARK stated that it was at the forefront for potential approval of a spot-Bitcoin exchange-traded fund (ETF), given the early timing of its application with the SEC.
However, Wood's perspective has shifted now, implying that the regulatory body might approve several applications simultaneously. This approach could level the playing field for these products, which have the potential to attract over $50 billion in demand.
Currently, there is no existing spot-Bitcoin ETF in the US, and historically, regulators have been hesitant to grant approval for such a product. Prominent firms like BlackRock Inc., Fidelity, WisdomTree, VanEck, and Invesco have all submitted applications to launch similar funds to ARK's. The success of these potential funds will depend largely on the marketing strategies employed by each issuer, according to Wood.
“The August 13 (deadline) will come and go. I think the SEC, if it is going to approve a Bitcoin ETF, will approve more than one at once. Most of these (ETF filings), essentially will be the same, and it will come down to marketing, and communicating the message,” she said.
During a recent earnings call, Galaxy Digital CEO Mike Novogratz mentioned that he has received information from insider "contacts" indicating that the approval for BlackRock and Invesco's spot Bitcoin ETF is a matter of “when, not if”.
Novogratz went on to predict that the approval process for the first spot Bitcoin ETF would likely conclude within the next four to six months. Since BlackRock's application for the spot Bitcoin ETF was submitted in mid-June, the market has experienced a renewed sense of optimism. The involvement of other major financial players has also contributed to heightened expectations in this regard.
The Bitcoin price has consolidated for a few weeks at $29,000 and has been looking at a catalyst for any upside rally. Thus, any positive news can provide it the momentum to begin with the next phase of the bull market.