News - Are Cathie Wood and ARK faster than BlackRock?

By Ted Maas

Are Cathie Wood and ARK faster than BlackRock?

Bitcoin (BTC)
Crypto acceptance
ARK Blackwood BTC ETF

After BlackRock’s Bitcoin ETF application, the crypto market exploded. But ARK, Cathie Wood’s company, appears to be winning the race with an application of its own.

In a rapport ARK Invest explains why they can register and thus launch a bitcoin spot ETF earlier than BlackRock. According to the report, ARK, along with European asset manager 21Shares, had already filed a corresponding application with the SEC in April. Other industry observers said earlier that ARK and 21Shares should be first in line for a Bitcoin spot ETF.

"21Shares and ARK are ahead of the rest because their next SEC decision date is Aug. 13, 2023. BlackRock, on the other hand, does not yet have a definite date," according to a Bloomberg analyst.

BlackRock’s ETF application has triggered a veritable wave of requests for bitcoin spot ETFs. In addition to the world’s largest asset manager, other Valkyrie, WisdomTree and Invesco submitted an application. So far, however, the SEC has rejected all attempts to launch a bitcoin spot ETF. They did not meet the requirements under its procedural rules and the Exchange Act.

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