ARK Invest/21Shares has submitted an updated version of its spot Bitcoin Exchange-Traded Fund (ETF) prospectus, indicating a significant step forward in the approval process. The move comes after the SEC reached out to issuers with comments and questions about their S-1 filings. The updated prospectus addresses concerns raised by the SEC, particularly regarding Net Asset Value (NAV) calculations and the safeguarding of assets. It deviates from Generally Accepted Accounting Principles (GAAP) in NAV calculations and specifies that the Trust’s assets will be held in segregated accounts on the Bitcoin blockchain. This dialogue between ARK and the SEC is seen as crucial in aligning the Bitcoin spot ETF with regulatory parameters. Analysts believe that the amendments reflect a positive back-and-forth between the two parties, but it does not necessarily signal imminent approval. However, the ease with which ARK made the required changes suggests that the SEC’s comments were not overly challenging. It remains to be seen whether ARK will be the first to receive approval among multiple applicants, as there is speculation that the SEC might approve all Bitcoin ETF applications simultaneously. This could create a competitive environment among various ETFs from companies such as BlackRock, Fidelity, and Invesco.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Eric Balchunas, Alistair Milne, James Seyffart, Scott Johnsson, Nate Geraci
Companies	ETF Store, Bloomberg, SEC, Invesco, Davis Polk, 21Shares, BlackRock, Ark Invest, Grayscale, Fidelity
Currencies	Bitcoin
Securities	None