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Amendment to ARK's Bitcoin ETF filing indicates positive prospects for approval

Amendment to ARK’s Bitcoin ETF filing indicates positive prospects for approval

ARK Invest and 21Shares have made amendments to their spot Bitcoin ETF filing, addressing concerns raised by the SEC. This is seen as a positive sign of progress and potential approval. The changes include providing additional information on asset custody and valuation practices. Bloomberg’s ETF analysts believe that these amendments indicate that ARK has addressed the SEC’s comments and is now awaiting the regulator’s response. The filing is now five pages longer, with changes “sprinkled throughout.” The amendments clarify that the ETF’s assets are held in segregated accounts on the Bitcoin blockchain, separate from corporate or customer assets. This communication with the SEC is seen as a positive step towards approval. However, the filing also mentions potential risks related to illegal use of Bitcoin and environmental concerns around mining. Overall, it appears that the SEC is not creating unnecessary obstacles based on the disclosure review of ARK’s amendments.

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