ARK's Amended Bitcoin ETF Filing Signals Progress Towards Approval

Amendment to Spot Bitcoin ETF Application Seen as Positive Step

The recent amendment to ARK Invest and 21Shares' joint spot Bitcoin exchange-traded fund (ETF) application is being viewed as a promising development towards future approval. The amended filing, submitted to the Securities and Exchange Commission (SEC) on October 11, provides additional information about the proposed ETF, addressing concerns raised by the SEC.

Addressing SEC Concerns

According to Bloomberg senior ETF analyst Eric Balchunas, the changes in the filing indicate that ARK has taken into account the SEC's comments and has responded to them. Balchunas sees this as a positive sign and a step forward in the approval process.

Key Amendments

The amendments made by ARK include details about how the fund will custody assets and determine asset values. Additionally, the filing clarifies that the ETF's assets, held by Coinbase Custody, are segregated from other customer assets. This addresses concerns about commingling of assets.

Positive Outlook for Approval

Other experts also view the amended filing as a positive development. Bloomberg ETF analyst James Seyffart believes that the changes signal effective communication between ARK and the SEC, which bodes well for the ETF's future approval. Scott Johnsson, a general partner at Van Buren Capital, notes that the amendments do not indicate any unnecessary obstacles from the SEC.

Overall, the amended filing by ARK Invest and 21Shares is seen as a step in the right direction towards obtaining approval for a spot Bitcoin ETF. The changes made address SEC concerns and demonstrate progress in the review process.