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Cathie Wood, the CEO of ARK Investment Management, is of the opinion that the United States Securities and Exchange Commission (SEC) may approve multiple spot Bitcoin ETFs at the same time.
In contrast, ARK Invest analyst Yassine Elmandjra expressed a different viewpoint at the end of June, predicting that the firm (which has also submitted an application to the securities regulator for such a financial product) is positioned first in line for approval.
It’s Either None or Many of Them at Once
In a recent interview with Bloomberg, the CEO of Ark Investment stated her expectation that the SEC will authorize several spot Bitcoin exchange-traded funds simultaneously (if it ultimately decides to approve this type of 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
Supporting her assertion is James Seyffart, an ETF analyst at Bloomberg Intelligence. He believes that the SEC’s “path of least resistance” would involve approving all or at least a significant number of the spot BTC ETFs that have been filed to date.
It is worth noting that several prominent financial institutions, including BlackRock, Invesco, WisdomTree, and Fidelity, have expressed intentions to launch this type of fund, which allows investors to gain exposure to Bitcoin without directly purchasing the asset on an exchange.
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The largest asset manager globally has a strong track record with the SEC, having seen 575 out of its 576 ETFs approved over the years. Unsurprisingly, its entry into the cryptocurrency sector has sparked considerable enthusiasm and may be regarded as a contributing factor to the market’s upswing since mid-June.
Mike Novogratz, CEO of Galaxy Digital, stated that the introduction of a spot BTC ETF in the US is a matter of “when not if.” He recently indicated that such a product could emerge within the next four to six months, based on his internal insights.
Not the First in the Queue Anymore?
Wood’s latest comments differ from those made by analyst Yassine Elmandjra, who predicted several weeks ago that ARK Invest might be the first firm to secure the SEC’s approval and thus lead the way in the spot BTC ETF sector.
The cryptocurrency community anticipates more clarity on the situation as it observes the developments in the lawsuit between Grayscale and the regulator. The digital asset management firm filed a lawsuit against the SEC shortly after the agency denied the conversion of the spot Grayscale Bitcoin Trust (GBTC) into an ETF.
Bloomberg Intelligence Senior Legal Analyst Elliot Z. Stein assessed that the crypto firm has a 70% likelihood of succeeding in the legal dispute.
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