TechFlow news, the U.S. Securities and Exchange Commission (SEC) plans to announce its decision on ARK's application for a Bitcoin exchange-traded fund (ETF) by August 13.
However, Bloomberg ETF analyst James Seyffart predicts the decision regarding the ARK 21Shares Bitcoin ETF could be released on August 12— one day before the official deadline (Sunday). Seyffart believes the announcement might come after market hours, though he also expects potential delays.
Cathie Wood, CEO of ARK Investment Management, previously stated her firm could be the first to receive approval for a spot Bitcoin ETF. However, she has now changed her stance, suggesting the SEC may approve multiple spot Bitcoin ETFs simultaneously.
Besides ARK, other applicants including BlackRock, Bitwise, VanEck, and WisdomTree have also filed applications for spot Bitcoin ETFs. ARK submitted its application on May 15, with the SEC setting August 13 as the deadline for approval or rejection.
Although the SEC can extend the deadline by up to 240 days, many believe that if one Bitcoin ETF is approved, all applications should be approved to ensure fairness. This could generate massive demand, as these products together could potentially attract over $50 billion in capital.
