Ark Invest Teams Up With 21Shares To Apply For Bitcoin ETF

On June 28, Ark Investment Management, together with 21Shares, submitted an application to the US Securities and Exchange Commission (SEC) for  a permission to create an exchange-traded Bitcoin ETF.

The application was completed in partnership between the CEO and founder of Ark Invest and 21Shares board member Katie Wood, Ark Investment Management and 21Shares.

The creators of the project want the ETF to be listed on the Chicago Board Options Exchange (CBOE) BZX Exchange and traded under the ticker ARKB.

The ETF will also have to track the S&P BTC Index. Since the trust underlying the ETF also directly owns BTC, the application has received an approval from the crypto industry.

According to CoinShares, 21Shares is currently the fourth-largest institutional issuer of the cryptocurrency products. He manages over $1 billion in assets.

ETF analyst Erik Balchunas told BNN Bloomberg that if the Bitcoin ETF application is approved by the Commission, the project will bring significant benefits to 21Shares. Also, it will allow the firm enter the US market.

In addition, 21Shares is going to launch the first world’s crypto-based ETP. It’s going to be launched on the Solana blockchain on Switzerland’s biggest stock exchange, SIX Swiss Exchange.

Earlier this month, The US Securities and Exchange Commission delayed the decision on VanEck Bitcoin Trust’s application for a Bitcoin ETF. Moreover, the SEC has requested public comment on the VanEck filing.

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