Cathie Wood, who is the CEO and CIO of ARK Investment Management, is of the opinion that the Securities and Exchange Commission will endorse various spot-bitcoin ETFs together. This is contrary to her earlier understanding that her company would be the first to receive the go-ahead for the much-awaited product.
As per the conversation with Bloomberg TV, Cathie Wood is known to have said that if the SEC decides to endorse a Bitcoin ETF, it will be in multiples. Earlier, ARK had claimed that it would be the first company to receive the go-ahead for a spot Bitcoin exchange-traded fund. The reason attributed was the fact that they had applied early with the SEC.
Presently, she seems to have altered her understanding and believes that the regulator just might accept more than one application in one go. She feels this will even the scales in the case of the products, which help bring in over $50 billion worth of requirements. Incidentally, a spot Bitcoin is presently not available in the US, with the regulators not being in its favor.
According to Wood, companies such as BlackRock, as well as Fidelity, WisdomTree, and Invesco have all surrendered their applications for delivering funds that are similar to the ARK product. In her opinion, this will create a competitive atmosphere and bring about heightened marketing abilities.
An ETF analyst at Bloomberg Intelligence, James Seyffart, seems to be on the same page as Wood. He, too, agrees with the fact that the easier way forward for SEC would be to give their consent to multiple spot Bitcoin Funds in one go. This will ring all the more true if Grayscale Investments manages to win the lawsuit it has filed against the SEC. Grayscale went ahead and sued the SEC following its refusal to change the $18 billion Grayscale Bitcoin Trust to an ETF.