Ark Investment and 21Shares, Cboe BZX Exchange spotlight bitcoin It has filed with the SEC again to list the ETF.
SEC’s ARK 21Shares Bitcoin in early April (BTC) After rejecting its ETF, companies reported they are now filing for Commodity-Based Trust Shares.
Ark 21Shares Bitcoin ETF Pending SEC Approval Under New Rules
The SEC had rejected several BTC ETFs, citing concerns about investor protection.
However, the authority had approved futures Bitcoin ETFs under the Securities Exchange Act of 1934, including Teucrium Bitcoin Futures Fund and Valkyrie’s XBTO Bitcoin Futures Fund.
Ark Investment and 21Shares have re-applied to the SEC for the Ark 21Shares Spot Bitcoin ETF after their last application under the Securities Exchange Act of 1933 was rejected by the SEC.
The two companies now plan to list and trade the spot BTC ETF under BZX Law 14.11(e)(4).
The BZX Law is used to list commodity-based trust shares under the Cboe BZX Exchange.
The Ark 21Shares BTC ETF will track the price of Bitcoin in the spot markets if approved.
However, as it is known, the SEC has not approved any BTC or crypto spot ETFs so far. Therefore, the probability of this application being approved is considered low.
However, the pressure on the SEC is increasing day by day as the US lags behind other countries in approving the BTC ETF. Countries like Canada, Switzerland, and Australia had approved the BTC spot ETF.
*Not investment advice.