ARK Invest CEO Cathie Wood thinks the US Securities and Exchange Commission (SEC) will decide on multiple Bitcoin (BTC) spot exchange-traded funds (ETFs) at the same time.
In a new interview with Bloomberg Television, Wood says the SEC decision date for ARK’s 21Shares Bitcoin spot ETF filing, currently scheduled for August 13, is likely to be extended.
“I think if the SEC is going to approve a Bitcoin ETF, it will approve more than one at a time…because most of these will be essentially the same, and it will come down to marketing, getting the message across.”
No US Bitcoin spot ETF filing has received the green light to date, though the crypto world eagerly awaits the SEC’s decision on a June filing from BlackRock, the world’s largest asset manager.
Previously decided Bitcoin spot ETF applications, including a previous application from ARK, have all been rejected, even though the SEC approved the launch of the first Bitcoin futures ETFs in October 2021.
Crypto asset manager Grayscale was behind one of the rejected ETF applications, though the company announced in June that it was suing the SEC over that decision, calling it “discriminatory.”
Wood says in her new interview that she believes the SEC will lose the Grayscale case.
“How can you approve a Bitcoin Futures ETF and not a Bitcoin ETF? And in fact, if you really think about consumer protection, a futures ETF is swap space, so there’s a counterparty risk that you wouldn’t have with a Bitcoin ETF, which is backed 1:1 with Bitcoin in Coinbase’s cold storage. It still confuses me.”
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