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Cathie Wood’s Ark Invest Submits Third Amendment To Bitcoin ETF Filing: ‘Things Are Likely Still Moving With SEC Conversations’


Cathie Wood’s Ark Invest filed its form S-1/A for amendments in the spot Bitcoin BTC/USD ETF filing. The filing asserts significant enhancements in safeguarding the financial community’s interest.

What Happened: ARK Investment Management filed a third amendment to its original filing which mainly highlights improvements for investors’ protection.

Read Next: ARK’s Cathie Wood Anticipates SEC Shift On Bitcoin Spot ETFs: ‘They Will Approve..But’

Bloomberg’s ETF expert, Eric Balchunas believes the news to be a positive sign in the SEC clearance process, Cointelegraph reports.

The filing states, that the ETF will be named ARK 21Shares Bitcoin ETF, and will trade on the Chicago Board Options Exchange’s BZX Exchange under the ticker symbol “ARKB”. After filing first in April 2023 for the ETF, ARK amended its form S-1 in October.

ARK’s application has received the updated deadline of Jan. 11, 2024, after the SEC delayed its expected decision.

What Are the Amendments: The amended filing introduces a fee structure for the proposed ETF, with ARKB disclosing an 80 basis point charge, making it the first issuer to disclose such a fee. This adds a layer of transparency to the product.

The filing also includes many updates, including numerous risk disclosures designed to satisfy corporate finance requirements.

Balchunas took to X and stated, “One interesting thing is they are sticking to in-kind creations redemptions albeit in a hybrid model to minimize tax and spread issues. The more updates to these documents the better, shows them getting these bad boys in shape for SEC approval.”

Bloomberg ETF watcher James Seyffart took to X and stated that an amended prospectus for the ETF “Likely means things are likely still moving with SEC conversations.”

Franklin Templeton and Global X were the only two firms out of 12 spot Bitcoin ETF filers that have not amended their S-1 filings.

Also Read: Amended Spot BTC ETF Filings Have No Impact On Approval Dates, WisdomTree Jumps On Amendment Wagon

Photo: Shutterstock and Ark Invest


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