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.”

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.”

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.

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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