Cathie Wood’s ARK Invest makes another push for Bitcoin ETF despite SEC rejection in March
Cathie Wood’s ARK Invest is once again attempting to launch the first spot-based Bitcoin (BTC) exchange-traded fund (ETF) in the US after its previous offer was rejected.
In a new filing with the US Securities and Exchange Commission (SEC), ARK is seeking a rule change that would allow the ARK 21Shares Bitcoin ETF to trade on the Chicago Board Options Exchange (CBOE) BZX Exchange.
ARK Invest first filed with the SEC for a spot bitcoin ETF last June, saying at the time the vehicle would make it safer and easier for people to invest in bitcoin.
“The trust [responsible for the ETF] offers investors the ability to access the market for bitcoin through a traditional brokerage account without the potential barriers to entry or risks associated with holding or transferring bitcoin directly or acquiring bitcoin on a spot market.”
On March 31, the SEC officially rejected ARK Invest’s bid for the ETF, and on May 13, the firm filed a 169-page document with the CBOE calling for rule changes that would allow the ETF to move forward .
If approved, crypto exchange Coinbase would provide Bitcoin custody services to the ETF through its subsidiary Coinbase Custody Trust Company. ARK Invest currently owns 5,394,334 shares in Coinbase, valued at over $362 million, and Coinbase is the eighth-largest holding in ARK Invest’s portfolio at approximately 4.50%.
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