Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Ark Invest, under the leadership of Cathie Wood, has made a notable advancement by submitting a revised version of its spot Bitcoin ETF prospectus.
This action follows recent input from the U.S. Securities and Exchange Commission (SEC), which requested clarifications on certain issues.
Modifications to Ark Invest’s Spot Bitcoin ETF Prospectus
Eric Balchunas, an experienced ETF analyst at Bloomberg, promptly pointed out this update on X.
As per Balchunas, this action comes after the U.S. SEC contacted issuers with remarks and inquiries concerning their S-1 forms, indicating a desire to resolve specific issues. He also mentioned that in its latest filing, Ark Invest may have addressed all of the SEC’s concerns.
Related Posts
This development occurs amid ongoing anticipation within the cryptocurrency sector regarding the SEC’s final decision on various Bitcoin ETF applications.
Notable Adjustments in Ark Invest’s Revised Prospectus
A significant modification in the updated prospectus pertains to the calculation of the Net Asset Value (NAV). The revised document now provides comprehensive details on how the NAV calculation deviates from Generally Accepted Accounting Principles (GAAP). This change directly responds to a comment made by the SEC during its earlier communication with Ark Invest.
Another important addition to the filing is the clarification that the Trust’s assets held with the Custodian are securely separated in accounts on the Bitcoin blockchain, commonly known as “wallets.” This separation guarantees that the assets remain distinct from corporate or other customer assets, enhancing transparency and security.
While these modifications reflect Ark Invest’s dedication to meeting regulatory standards, Eric Balchunas warns that there may still be additional interactions with the SEC, especially concerning specific details in the process. These discussions could potentially result in further delays in the SEC’s decision-making schedule.
It is important to note that Ark Invest initially anticipated a decision on its ETF filing by Sept. 26, but the SEC issued a notice extending the timeframe for commission action. The cryptocurrency community will continue to closely observe developments related to Ark Invest’s Spot Bitcoin ETF as they await the SEC’s final determination.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
