A Good Sign for a Spot ETF

postedΒ  19 Dec 2023
Photo - A Good Sign for a Spot ETF
BlackRock, Ark Invest and 21Shares have recently revised (1, 2) their applications for a spot Bitcoin ETF. Notably, the ticker ARK 21SHARES BITCOIN ETF (ARKB) has appeared on the DTCC website.

These updates signal the firms' alignment with others that have agreed to adhere to the U.S. Securities and Exchange Commission's (SEC) terms for issuing and redeeming shares exclusively in cash.

This strategic move implies that these companies are proactively meeting the SEC's requirements in anticipation of approval. Eric Balchunas, a senior ETF analyst at Bloomberg, expressed his perspective on this development:

β€œThat’s basically a wrap. Debate over. In-kind will have to wait. It’s all about getting ducks in row bf holidays. Good sign.”

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