There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers recent applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings are not sufficiently clear and comprehensive. The regulator returned the filings, citing the lack of information regarding the proposed surveillance-sharing agreement. Asset managers can still resubmit their applications.
ARK Investment Management is reportedly ahead of BlackRock (NYSE:BLK) in the race for a spot Bitcoin ETF, as it still has a previous application pending with the United States securities regulator. ARK and 21Shares filed their third application for a spot BTC ETF in April, and amended it this week to include a surveillance-sharing agreement, making it similar to BlackRock’s filing. Since BlackRock’s application on June 16, other investment firms such as Valkyrie, WisdomTree and Invesco have reapplied for spot Bitcoin ETFs.
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