Two cryptocurrency investment firms, ARK Invest and 21Shares AG, have once again filed with the SEC for a Bitcoin exchange-traded fund (ETF).
This marks their third attempt to launch a Bitcoin ETF after their previous two applications were withdrawn earlier this year.
According to the filing, the proposed ETF would track the performance of Bitcoin as measured by the S&P Bitcoin Index, which is maintained by S&P Dow Jones Indices. The ETF would trade on the Chicago Board Options Exchange (CBOE) under the ticker symbol “BITO”.
The SEC has yet to approve a Bitcoin ETF in the United States, although several companies have tried to launch one in recent years. The SEC has previously cited concerns over market manipulation and investor protection as reasons for its reluctance to approve such products.
However, there is growing optimism that a Bitcoin ETF may soon be approved, particularly under the leadership of newly-appointed SEC Chair Gary Gensler, who has taught courses on cryptocurrencies at the Massachusetts Institute of Technology (MIT).
Gensler has stated that he believes the SEC should provide clear guidance on cryptocurrencies and that he is open to the idea of a Bitcoin ETF if certain conditions are met.
ARK and 21Shares are not the only firms seeking to launch a Bitcoin ETF. Several other companies, including VanEck, WisdomTree, and Valkyrie Digital Assets, have also filed applications with the SEC for Bitcoin ETFs.
VanEck’s latest attempt at launching a Bitcoin ETF was delayed by the SEC in April, while WisdomTree and Valkyrie’s applications are still pending.
Despite the SEC’s previous rejections and delays, many in the cryptocurrency industry remain optimistic about the prospects for a Bitcoin ETF in the U.S. market. A Bitcoin ETF would make it easier for investors to gain exposure to Bitcoin and could potentially increase demand for the cryptocurrency.
ARC Invest Files ETF Application With SEC
In conclusion, ARK Investment Management and 21Shares AG have filed with the SEC for a Bitcoin ETF for the third time, following previous unsuccessful attempts earlier this year. The proposed ETF would track the performance of Bitcoin as measured by the S&P Bitcoin Index and trade on the CBOE under the ticker symbol “BITO”.
Although the SEC has yet to approve a Bitcoin ETF, there is growing optimism that it may soon do so under the leadership of SEC Chair Gary Gensler, who has expressed openness to the idea if certain conditions are met.