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ARK Invest Spearheads Bitcoin ETF Amendment Rush Ahead of SEC Deadline

ARK Invest has positioned itself as the frontrunner by submitting the conclusive Form S-1 amendment for its proposed Bitcoin exchange-traded fund (ETF) ahead of the deadline set by the US Securities and Exchange Commission (SEC).

The SEC reportedly established a cutoff date of December 29, 2023, for ETF applicants to finalize their S-1 amendments to be considered in what Bloomberg analyst Eric Balchunas referred to as “the crucial first tranche of the race.”

Representatives from at least seven firms met with SEC officials on December 21, where the significance of adhering to the specified deadline was emphasized. In response, ARK Invest promptly submitted an amendment to the S-1 registration statement for its Ark 21Shares Bitcoin ETF on December 28.

As per Bloomberg’s Balchunas, the focus of ARK Invest’s amendment was on authorized participants, commonly referred to as Aps.

The action by Ark comes in the wake of a revision made on December 19, where the company adjusted its application to align with modifications in cash creations and redemptions for shares in the fund. This alteration mirrored similar adjustments made by other issuers in response to changes in cash creations.

With over a dozen firms vying for approval of a spot Bitcoin ETF, the competition to submit amended S-1 filings is anticipated to persist. Balchunas noted in a recent post on X that there is a “mad scramble behind the scenes to get signed AP agreements.”

Nate Geraci, the president of The ETF Store, Inc., also commented on these developments on X, describing the ETF as “the bridge” that will compel traditional finance investors and crypto enthusiasts to understand each other better.

“Crypto isn’t going away,” he emphasized.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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