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"On October 14th, Bloomberg ETF analyst Eric Balchunas, along with James Seyffart, posted on social media indicating that Ark and 21Shares (Invesco Galaxy has also been updated) recently updated their prospectuses for a spot Bitcoin ETF, adding at least five pages of new text. This suggests that constructive dialogue has taken place with the SEC, a step that typically only occurs when an ETF is nearing approval. We believe there is a 90% chance of a spot Bitcoin ETF being approved before Ark's January 10th application deadline.
The updated prospectuses from Ark and 21Shares include various minor changes, such as new language, additional background information, and extra risk disclosures. This back-and-forth between the SEC and fund sponsors is standard practice for new product offerings. However, it is the first time for a spot Bitcoin ETF application, indicating the SEC's efforts to approve Ark's application. The SEC is a regulatory body for information disclosure, aiming to ensure that essential information is accurately disclosed, including potential risks, without overemphasizing the pros and cons of investments." |
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Post time 18-10-2023 20:28:56