TechFlow news — The U.S. Securities and Exchange Commission (SEC) has rejected Ark 21Shares' application for a spot Bitcoin exchange-traded fund (ETF), citing insufficient investor protections. Ark, run by star investor Cathie Wood, filed the application on behalf of the Cboe BZX Exchange to amend rules allowing the listing and trading of shares issued by Ark 21Shares.
Ark Investment Management and investment product firm 21Shares had previously partnered in July last year to launch this product. The initial application for the Ark 21Shares ETF was delayed multiple times, with the latest delay occurring in January.
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