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The ARK 21Shares Bitcoin ETF, an exchange-traded fund proposed by ARK Funding Administration’s Cathie Wooden and Swiss crypto custodian 21Shares, has filed a registration discover with the U.S. Securities and Trade Fee.
The agency used Type 8-A to register its shares as securities listed on the Cboe BZX Trade on Jan. 4. The identical day, the VanEck Bitcoin Belief and the Grayscale Bitcoin Belief used Type 8-A to register their shares as securities listed on the Cboe BZX Trade and New York Inventory Trade Arca, respectively. The day prior, the Cboe BZX Trade permitted registration for itemizing Constancy’s spot Bitcoin (BTC) ETF.
The SEC has until Jan. 10 to decide whether to reject or approve listing shares of a Bitcoin ETF from ARK Invest and 21Shares. The regulatory body has never approved a spot Bitcoin ETF for listing on a U.S. exchange, although many applications are currently pending. On Jan. 26, 2023, the SEC rejected a proposal to list the ARK 21Shares Bitcoin ETF on Cboe BZX, stating that the application lacked sufficient measures “to prevent fraudulent and manipulative acts.”
However, in August 2023, U.S. Court of Appeals Circuit Judge Neomi Rao granted Grayscale Investments’ petition to have its spot Bitcoin ETF application reviewed and the SEC’s order to deny the GBTC listing application be vacated. The order prompted a regulatory reevaluation of all existing spot Bitcoin ETF applications. If approved, ARK 21Shares will set an annual 0.80% management fee for its spot Bitcoin ETF for operating expenses such as marketing and listing.
Related: Grayscale wins SEC lawsuit for Bitcoin ETF review
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