Cathie Wood’s ARK Invest is once again seeking to provide the first spot-based Bitcoin (BTC) exchange-traded fund (ETF) in the US after its previous bid was denied.
In a new filing with the U.S. Securities and Exchange Commission (SEC), ARK seeks a rule change that would allow the ARK 21Shares Bitcoin ETF to trade on the Chicago Board Options Exchange (CBOE) BZX Exchange.
Last June, ARK Invest first filed for a spot Bitcoin ETF with the SEC, saying at the time the vehicle would make it safer and easier for people to invest in Bitcoin.
“The Trust [responsible for the ETF] provides investors with the opportunity to access the market for Bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring Bitcoin directly or acquiring it from a Bitcoin spot market.”
On March 31st, the SEC officially denied ARK Invest’s bid for the ETF, and on May 13th the firm filed a 169-page document with the CBOE requesting rule changes that would allow the ETF to move forward.
If approved, crypto exchange Coinbase would provide Bitcoin custodial services for the ETF through its subsidiary Coinbase Custody Trust Company. ARK Invest currently holds 5,394,334 shares in Coinbase worth over $362 million, and Coinbase is the eighth-largest holding on ARK Invest’s portfolio at about 4.50%.
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The post Cathie Wood’s ARK Invest Makes Another Push for Bitcoin ETF Despite SEC Rejection in March appeared first on The Daily Hodl.
