Time is running out for spot
Bitcoin
exchange-traded funds to be approved by the US Securities and Exchange Commission (SEC).
When Will the SEC Approve
Bitcoin
ETFs?
Jake Chervinsky, chief policy officer at the Blockchain Association, says all signs point to SEC approval for
Bitcoin
spot ETFs.
ARK Invest Investment Management is making significant updates to its spot
Bitcoin
ETF prospectus.
A few weeks ago, the SEC shared feedback on S-1 filings with various issuers and encouraged revisions. ARK Invest appears to have allayed these concerns, particularly regarding Net Asset Value (NAV) calculations that the SEC commented on.
The updated statement specifically highlights that the NAV calculation is not consistent with Generally Accepted Accounting Principles (GAAP).
Additionally, ARK clarified that its assets in the Trust’s Custodian are stored in segregated
Bitcoin
blockchain accounts or wallets so they are not commingled with corporate or other client assets.
While these revisions are seen as a positive step towards SEC approval, Balchunas emphasized that further discussions with the SEC may be required regarding these complex details.
The recent court decision in favor of Grayscale against the SEC has increased optimism for spot
Bitcoin
ETF approvals, with analysts predicting a 75% chance this year and a 95% chance by the end of 2024.
Along with BlackRock, the world’s largest asset manager, other financial giants such as Fidelity, WisdomTree, VanEck and Invesco/Galaxy are also pushing for their own ETFs, demonstrating intense interest and competition in the space.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/what-is-the-status-of-bitcoin-etf-applications-made-to-the-sec-analysts-shared-their-predictions/