TL;DR
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Friday was the last date for the SEC to make a decision on ARK Invest’s ARK 21Shares Bitcoin spot ETF filing.
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But instead of making a final decision, they said they needed more time before approving or deleting the application.
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While it wasn’t the result we hoped for, it’s not the worst case scenario either. Now, back to the waiting game.
Full story
Picture this:
You’ve scored Taylor Swift tickets.
You have your outfit all ready to go.
You’ve been waiting months for this concert.
Then the magical day finally arrives and…
The concert is postponed.
You know that feeling of frustration, mixed with disappointment, but also a kind of crazy happiness that you have to do “the waiting” again?
That’s how we feel today.
Because Friday was our equivalent of most people’s “Taylor Swift Eras Tour.”
It was the last date for the SEC to make a decision on ARK Invest’s ARK 21Shares Bitcoin spot ETF filing.
But instead of making a final decision, they said they needed more time before approving or deleting the application.
We’ve written about BTC ETFs a few times lately (like here and here).
If you don’t have time to read those articles 👆…
Here’s why we’re a bit bummed about this delay:
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When (not ‘if,” in our humble opinion) a BTC spot ETF is approved in the US, it is likely to bring a wave of institutional investment to the space. Institutions have big dollars and more demand is likely to result in a rise in the value of BTC.
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A spot ETF (like ‘ARKB’ that has been suggested) will make it easier than ever to invest in BTC (sort of) without all the hassle of learning about wallets and security.
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The approval of a BTC spot ETF would really legitimize the Web3 space. It would lead to more BTC spot ETFs (and maybe even other cryptocurrencies as well).
While it wasn’t the result we hoped for, it’s not the worst case scenario either.
Now, back to the waiting game.