ARK amends its 19b-4 for a spot Bitcoin ETF filing

• ARK’s amended 19b-4 includes a surveillance sharing agreement with CBOE and a US crypto exchange.
• ARK Invest founder and CEO Cathie Wood says the Ark 21Shares Bitcoin ETF is first in line for approval as “oldest” filing before the SEC.
• BlackRock’s spot Bitcoin ETF also included a SSA with Coinbase.

ARK Invest and 21Shares have amended their 19b-4 for the ARK 21Shares Bitcoin ETF  refiled in April and which is due a decision from the SEC in August.

Specifically, the companies have informed the SEC that they have entered into a surveillance sharing agreement (SSA) with the CBOE BZX Exchange and a US-based crypto exchange provider of spot trading for Bitcoin.

Speculation is that the exchange in question is Coinbase, the largest US-based crypto platform that incidentally was sued by the SEC over allegations of securities violations.

What does ARK’s amended 19b-4 mean?

The amended filing means the ARK 21Shares Bitcoin ETF now has a similar structure to that of BlackRock, and puts the ETF first in line for approval as the “oldest filing” before the regulator.

“Since 2015, with increasing conviction, ARK has researched the crypto space and has invested in crypto related equities. On April 25, 2023, in partnership with 21Shares, we filed for the ARK 21Shares Bitcoin ETF and are proud to have the oldest active filing before the SEC and expect to be first in line to be considered for approval,” Cathie Wood, founder and CEO of ARK Invest said.

Eric Balchunas, a senior ETF analyst for Bloomberg, has noted that ARK’s move adds a new twist to the spot ETF plot. He points to the anticipated decision on the ETF in August and the fact that BlackRock would likely want to be first to market. 

A decision on the Grayscale lawsuit against the SEC is also due around the same time.

Nate also brings up another twist: would BlackRock (who doesn’t play) even allow Coinbase to enter into a SSE agreement with another that would help another issuer beat them to market? If so ARK would need another crypto exchange to use. https://t.co/nBKdNxY1bH

— Eric Balchunas (@EricBalchunas) June 28, 2023

BlackRock filed their spot Bitcoin ETF on June 15, including an SSA. Other asset managers have followed suit and the industry is buzzing on the prospects of an approval. Bitcoin price has reacted higher in the wake of the bullish sentiment, hitting highs above $31k.