Eric Balchunas, a Bloomberg analyst, said ARK/21Shares Bitcoin He noted that it is a strong rival to BlackRock in the ETF race. The company is expected to move $130 million from GBTC to ARKB. This early “Bring Your Own Assets (BYOA)” strategy is like a starter, which doesn’t guarantee a massive firestorm but certainly helps, according to the analyst.
Ark Invest’s Bitcoin Spot ETF Application Has a Significant Advantage, According to Bloomberg Analysts
According to Balchunas, Ark’s spot Bitcoin ETF looks set to generate $130 million in cash quickly as the company plans to sell GBTC shares and use its own ETF for exposure to BTC. This potential increase in volume and flows could give Ark an early advantage over rivals including BlackRock, whose ETF unit is 184 times the size of Ark.
This influx of flow and volume could come in chunks, which could be even better for ARKB, as it would help the ETF appear to attract consistent interest, analysts say.
Bloomberg analysts had previously stated that the January 10 date is critical for the BTC Spot ETF and that they expect a mass approval with a 90% probability.
*This is not investment advice.
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