SEC’s Decision on ARK’s Bitcoin ETF Nears

The Securities and Exchange Commission (SEC) might grant approval for ARK’s Bitcoin ETF on August 13th.This is a crucial decision for the SEC and marks a significant moment in the process.

Aside from ARK, there are eight other organizations, including BlackRock, Bitwise, VanEck, and WisdomTree, that have also submitted applications for a spot Bitcoin ETF. ARK’s application for a spot Bitcoin ETF was published in the Federal Register on May 15. The SEC’s filing in the Federal Register on June 15 set August 13 as the deadline for approval, disapproval, or the initiation of proceedings to determine disapproval for the proposed rule change.

However, it is important to note that the SEC has the option to extend the deadline by up to 240 days. In theory, this means that the final response for the ARK application could be delayed until January 10, 2024, and for the other applications until March 2024. Matt Hougan, the Chief Investment Officer at Bitwise Asset Management, which also has an application pending with the SEC, shared this insight.