Cathie Wood’s ARK Investment Management LLC on Monday said that it is the first in line to obtain approval for a potential spot-Bitcoin BTC/USD ETF.
What Happened: This contrasts with industry speculation that BlackRock BLK is ahead in the race for approval, given its recent filing for a spot product.
However, as stated by ARK analyst Yassine Elmandjra, "other applicants will be able to amend their filings with similar agreements at little cost," Bloomberg reported.
In April, ARK and 21Shares filed an application for a Bitcoin ETF that is reportedly ahead of BlackRock’s.
Although BlackRock’s filing has rocked the cryptocurrency market, an ETF that regulates market manipulation does not currently exist in the US.
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Why It Matters: Following BlackRock’s filing for a spot Bitcoin product, other asset managers such as Invesco, WisdomTree, and Valkyrie have also filed applications to launch their own Bitcoin funds.
Price Action: At the time of writing, BTC was trading at $30,266 down 0.17% in the last 24 hours, according to data from Benzinga Pro.
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