ARK CEO REVEALS POSSIBILITY OF CONTEMPORANEOUS MULTIPLE BITCOIN ETFS APPROVAL WORTH $50B

Catherine Wood, an American investor and founder of ARK Invest, an investment management firm that participates actively in cryptocurrency, has predicted a delay in the company’s Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC).

 

ARK Invest submitted a Bitcoin ETF application last June.

 

Wood revealed her expectation that the SEC would not meet the upcoming review deadline for the fund, citing the feasibility of SEC approving multiple Bitcoin sport ETFs contemporaneously, which departs from its past reluctance.

 

In one of her interviews, she suggested that if the SEC decides to move forward with any pending applications, it could approve more than one ETF.

 

Initially asserting a leading position for potential approval due to the timing of their application, she now agrees with the idea of a level playing field for ETFs.

 

Wood’s changed stance could foster demand for upwards of $50 billion across various ETFs.

Market leaders such as BlackRock, Fidelity, WisdomTree, VanEck, and Invesco, have all submitted applications for the same Bitcoin ETF.

 

Wood’s viewpoint echoes Grayscale’s recommendation of simultaneous approvals to ensure fairness among ETF applicants.

 

Grayscale is contemporarily in legal dispute with the SEC regarding its Bitcoin Trust application.