ARK's Cathie Wood Anticipates SEC Shift On Bitcoin Spot ETFs: 'They Will Approve..But'

Cathie Wood, CEO of ARK Invest, has reported a significant change in the Securities and Exchange Commission’s (SEC) approach to Bitcoin BTC/USD Spot ETF filings. 

What Happened: Wood, in a Tuesday interview with Bloomberg expressed optimism for the approval of such ETFs based on recent interactions between ARK Investment and the SEC.

“Well, we’re looking at a change in the SEC's behavior. First and foremost. You know, when we put in our first few filings, they were rejected really out of hand. We got no questions, we had no interaction that changed this year,” Wood stated. 

She clarified that the quality of engagement had improved with the SEC asking incisive questions and showing a deeper understanding of the industry.

Why It Matters: Wood mentioned the final deadline for ARK’s application is January 10, and. the possibility of multiple approvals is on the table as the SEC may want to avoid showing partiality by approving a cohort simultaneously: 

“..And what we think could happen is that by that time, they will approve, but not just one, it will be a number of us because they don’t want to pick winners.”

On The Flip Side: A potential obstacle looms with Grayscale’s public declaration that it may sue the SEC if the approval to convert its Bitcoin trust to an ETF is denied. 

Wood believes this could pose complications for the timeline. “So I don’t know if that would hold the timeline up."

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ARK Invest’s Strategic Move into Europe: Wood also discussed ARK Investment’s recent purchase of Rize ETFs, a European-based ETF business, noting the strategic decisions behind the acquisition. “Well, a couple of things. First of all, the reason we did it was 25% of our subscriber base. Now we give our research away, but 25% of the readers are from Europe,” Wood explained. 

The acquired company’s compatibility with ARK’s vision played a major role: “Rize now ARK Europe, same DNA as ARK, very thematic in their focus, very futures oriented.” 

Price Action: At the time of writing, Bitcoin was trading at $35,596.4, down 3.70% in the last 24 hours, according to Benzinga Pro.

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