ARK Revised Instant Bitcoin ETF Deposit Is a ‘Good Sign’ of Future Progress Cryptocurrency scrgruppen
The recent revision to the joint ETF application between ARK Invest and 21Shares can be seen as a “good sign” of progress and impending approvals.
11 October amended Deposit Adds to the SEC for approval additional information about the proposed Spot Bitcoin ETF, including practices regarding how the fund will hold assets and determine asset values.
The changes may be a direct response to concerns the SEC has asked ETF issuers to address, said Eric Balchunas, senior ETF analyst at Bloomberg.
“That means ARK got the SEC comments and addressed them all, and now put them in place [the] The ball again [the] “The SEC court,” Balchunas said. “[In my opinion] “A good sign and strong progress.”
There are 5 additional pages in the new S-1 but new items are scattered throughout like the 2 pages mentioned above. So what does this mean? This means that ARK got the SEC’s comments, addressed them all, and now puts the ball back in the SEC’s court. Good sign IMO, solid progress.
– Eric Balchunas (@EricBalchunas) October 11, 2023
The changes are “all over the place,” Balchunas said, making the new file five pages longer, with a separate page added mail that “none of the comments were new or insurmountable.”
The changes included ARK noting that the fund’s net asset value (NAV) calculations were not in line with Generally Accepted Accounting Principles (GAAP) — an accounting standard used by the Securities and Exchange Commission, Balchunas said.
The new filing also clarifies that the assets of the ETFs, held by Coinbase Custody, are held in “segregated accounts.” […] Therefore, it is not commingled with the company’s assets or other client assets.”
This is also new (and again we’ve heard the SEC ask about it): “The fund’s assets are held with the custodian in segregated accounts on the Bitcoin blockchain, commonly referred to as ‘wallets,’ and thus are not commingled with the company’s or other clients’ assets. ” pic.twitter.com/57TmnNi1lE
– Eric Balchunas (@EricBalchunas) October 11, 2023
Fellow Bloomberg ETF analyst James Seyfart added in the X mail The latest change indicates that ARK and others are communicating with the SEC about what the regulator wants to clarify.
“A good sign for future IMO approval,” he added.
Related: Bitcoin ETFs: A $600 Billion Turning Point for Cryptocurrencies
Another new addition to Van Buren Capital, Scott Johnson, noted was the comment that if BTC is increasingly used for illegal purposes and if the environmental impact of Bitcoin mining causes it to be restricted, the value of the ETF may decline.
Still laughing a little at the “using electricity” risk factor. Ark can’t even be bothered to put together a coherent vertical summary or more than a couple of short sentences. You know the conversation with the SEC was like, “Oh, yeah, good call with Mr. SEC attorney, this is definitely material/s.” https://t.co/unIArFDKl8
– Scott Johnson (@SGJohnsson) October 12, 2023
Based on ARK’s amendments, “the agency does not appear to be creating any unnecessary barriers by reviewing disclosure,” Johnson said.
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