Cathie Wood’s ARK Says It’s First in Line for Spot-Bitcoin ETF
- ARK and 21Shares had in April re-filed app for a spot product
- Cryptocurrencies have risen since BlackRock’s spot-ETF filing
Catherine Wood
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Cathie Wood’s ARK Investment Management says it’s first in line to get potential approval for a spot-Bitcoin ETF, despite industry reasoning positing that BlackRock Inc. might be ahead in the race should any product receive regulatory assent.
BlackRock, whose shock filing for a spot product has rocked crypto markets, might be distinguishing its application with the appendage of a “unique” exchange surveillance-sharing agreement that would look to prevent market manipulation, but “other applicants will be able to amend their filings with similar agreements at little cost,” wrote ARK Investment Management analyst Yassine Elmandjra.