ARK's amended spot Bitcoin ETF filing is a ‘good sign’ of future approval

A caller amendment to ARK Invest and 21Shares’ associated spot Bitcoin (BTC) exchange-traded money (ETF) exertion could beryllium seen arsenic a “good sign” of advancement and impending approvals.

An amended Oct. 11 filing to the Securities and Exchange Commission for support adds further accusation astir the projected spot Bitcoin ETF, including practices for however the money volition custody assets and find plus values.

Bloomberg elder ETF expert Eric Balchunas said the changes could beryllium successful nonstop effect to concerns the SEC has asked ETF issuers to address.

“It means ARK got the SEC's comments and has dealt with them all, and present enactment [the] shot backmost successful [the] SEC's court,” Balchunas said. “[In my opinion] bully sign, coagulated progress.”

There's 5 other pages successful caller S-1 but the caller worldly is sprinkled passim similar the 2 supra egs. So what does this mean? It means ARK got the SEC's comments and has dealt with them all, and present enactment shot backmost successful SEC's court. IMO bully sign, coagulated progress.

Balchunas said the changes are “sprinkled throughout,” making the caller filing 5 pages longer, adding successful a abstracted post that “none of the comments were that caller oregon insurmountable.”

Changes included ARK noting the fund’s nett plus worth (NAV) calculations are not successful enactment with the Generally Accepted Accounting Principles (GAAP) — an accounting modular utilized by the SEC, said Balchunas.

The caller filing besides clarifies the ETFs assets, held by Coinbase Custody, are successful “segregated accounts [...] And are truthful not commingled with firm oregon different lawsuit assets."

This is besides caller (and again thing we heard SEC asked about): "The Trust’s assets with the Custodian are held successful segregated accounts connected the bitcoin blockchain, commonly referred to arsenic “wallets,” and are truthful not commingled with firm oregon different lawsuit assets." pic.twitter.com/57TmnNi1lE

Fellow Bloomberg ETF expert James Seyffart added successful and X post the second alteration signals that ARK and others are communicationg with the SEC astir what the regulator wants cleared up.

“Good motion for aboriginal support IMO,” helium added.

Related: Bitcoin ETFs: A $600B tipping constituent for crypto

Van Buren Capital wide spouse Scott Johnsson noted different caller summation was a remark that if BTC is progressively utilized for amerciable purposes and if Bitcoin mining’s biology interaction causes it to beryllium restricted past the ETF’s worth could fall.

Still chuckling a spot astatine this “electricity usage” hazard factor. Ark couldn’t adjacent beryllium bothered to enactment successful a coherent header summary oregon much than a mates abbreviated sentences. You cognize the convo w/ the SEC was similar “oh yea, bully telephone Mr. SEC attorney, this is decidedly worldly /s” https://t.co/unIArFDKl8

Johnsson said based connected ARK’s amendments it “doesn't look similar the bureau is putting up immoderate unnecessary roadblocks via disclosure review.”

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