ARK Invest Joins BlackRock and Fidelity in Race for Bitcoin ETF

ARK Invest Joins BlackRock and Fidelity in Race for Bitcoin ETF

When the
world’s largest fund manager, BlackRock, decided to apply for the creation of a
spot Bitcoin (BTC) exchange-traded fund (ETF) two weeks ago, nobody expected it
to trigger a new fever in the cryptocurrency market.

The BTC
price reached new highs for the year, and other Wall Street giants began to
join BlackRock. Among them were Invesco, WisdomTree, Fidelity, and ARK
Investment Management (ARK Invest), owned by popular investor Cathie Wood.

ARK Invest Updates its
Bitcoin ETF Application

Although
BlackRock sparked a wave of new applications to register a Bitcoin ETF, ARK
Invest was the first to submit such an application this year. Cathie Wood’s
firm already filed an application in April to create an instrument that
tracks the price of 'physical’ cryptocurrency.

As the
topic has become a hot item in the media and is elevating the prices of major digital assets,
ARK has decided to refresh its application. As can be seen from the amendment filed
with the Securities and Exchange Commission (SEC) yesterday (Wednesday), the
company made changes in its original application to make it similar to the one
filed by BlackRock.

The most
important updates include a contract to share oversight with the futures market
run by the Chicago Mercantile Exchange (CME) and a cryptocurrency exchange.
This is most likely going to be Coinbase.

The
decision on the cryptocurrency ETF from ARK Invest, which it applied for with
21Shares, is first in line with the SEC. According to the current schedule,
this should be decided by 13 August.

Bitcoin Prices Soar amid ETF Fever

At the time
of BlackRock’s announcement about applying for the creation of a spot Bitcoin
ETF, one BTC cost less than $25,000. The cryptocurrency price was then testing at a three-month low.

Wall Street giants’ interest in the market caused a dynamic increase in
the crypto price. It rose by over 26% in a week and tested the $31,000 level,
setting new highs for the year.

However,
the on-chain data suggest that the upward movements were not due to greater
network activity, but pure speculation and an influx of more cash into
regulated cryptocurrency instruments. Although a spot Bitcoin ETF is not yet
available, investors can take advantage of ETFs tracking the prices of BTC
futures contracts, options or futures themselves.

This article was written by Damian Chmiel at www.financemagnates.com.

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