- ARK’s amended filing comes a week after BlackRock filed for its Bitcoin spot ETF, which contained a similar agreement.
- The recent filings have brought the bulls back to the trading scene.
Cathie Wood’s ARK Invest has amended its Bitcoin spot exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC) to include a supervisory sharing agreement.
ARK filed the amended filing on June 28, nearly a week after $9 trillion asset manager BlackRock applied for its own Bitcoin ETF mockery with the SEC, which included a similar agreement.
Until now, no BTC ETF applications included such an agreement until BlackRock did.
ARK filed its first proposal with the SEC in April. The latest revised submission can help ARK finally secure SEC approval.
The Spot BTC SSA agreement is a collaboration between ARK, the Chicago Board Options Exchange (CBOE) BZX Exchange and a crypto platform. The submission does not specify the crypto trading platform. However, it did claim that the platform accounted for a “substantial portion of US-based Bitcoin trading.”
Ark said in the submission that,
“This Spot BTC SSA, in conjunction with the information available via [Intermarket Surveillance Group] related to CME Bitcoin Futures, which the Exchange believes represents in itself a regulated market of significant size, would further enhance the Exchange’s ability to detect and deter manipulation of the Shares.
An SSA is a type of arrangement where service providers exchange trading information with regulators. The regulator says that this information sharing is necessary to prevent possible market manipulation. The information includes trading activities, clearing activities and client identification.
SEC adamant about getting trading information
The SEC is satisfied that none of the applicants have demonstrated their ability to adequately protect investors from manipulative trading practices.
The second turned down a spot Bitcoin ETF that is ARK first archived in June 2021, together with global crypto ETF provider 21Shares. The regulatory body stressed that it has not been shown how the service provider can prevent market manipulation by crypto traders. In fact, the SEC has so far rejected all such products.
The SEC approved the deployed first Bitcoin futures ETF by Volatility last week. BITX, an exchange-traded fund, traded for the first time on June 28, a successful launch with $5.5 million in trading for the day.
These recent BTC ETF filings have caused quite a stir, with the bulls back on the trading scene. At the time of writing, BTC was trading at just over USD 30,000. The token mirrored a 20% increase within two weeks.
Source: Trade view