![ARK Invest Spearheads Bitcoin ETF Amendment Rush Ahead of SEC Deadline ARK Invest Spearheads Bitcoin ETF Amendment Rush Ahead of SEC Deadline](https://cryptonews.com/wp-content/uploads/2023/12/1703875812-ark-invest-ceo-cathie-wood.jpeg)
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ARK Make investments has taken the lead in submitting the ultimate Type S-1 modification for its proposed spot Bitcoin exchange-traded fund (ETF) forward of a deadline set by the US Securities and Change Fee (SEC).
The SEC allegedly set a deadline of December 29, 2023, for ETF candidates to file their remaining S-1 amendments to be thought-about in what Bloomberg analyst Eric Balchunas has referred to as “the essential first tranche of the race.”
Officers from the SEC reportedly met with representatives from at the least seven corporations on December 21, emphasizing the significance of assembly the required deadline. ARK Make investments responded promptly by submitting an modification to the S-1 registration assertion for its Ark 21Shares Bitcoin ETF on December 28.
In accordance with Bloomberg’s Balchunas, ARK Make investments’s modification was centered on so-called licensed contributors, or Aps for brief.
ARK kicks off the S-1 Modification-athon. Forward of the pack as ordinary. Unclear but what was modified tho, AP talked about a ton however not named. Assuming that can prob come within the very remaining efficient replace simply previous to launch. However we nonetheless do not know if they’ve signed settlement. https://t.co/mcNgpoR451
— Eric Balchunas (@EricBalchunas) December 28, 2023
The transfer follows a revision by Ark on December 19, aligning its software with changes to cash creations and redemptions for shares within the fund—a modification that mirrored different issuers adapting to money creations.
As greater than a dozen corporations compete for approval of a spot Bitcoin ETF, the frenzy to submit amended S-1 filings is predicted to proceed, with Balchunas saying in a current X publish that there’s a “mad scramble behind scenes to get signed AP agreements.”
New one from me in the present day on how simply making it to the beginning gate is half the battle for ETF issuers within the Cointucky Derby, it is the race earlier than the race, presently a mad scramble behind scenes to get signed AP agreements, a essential however not straightforward final step. pic.twitter.com/IF58KQthcV
— Eric Balchunas (@EricBalchunas) December 27, 2023
The ETF Retailer, Inc. president Nate Geraci additionally weighed in on the developments on X, calling the ETF “the bridge” that can drive conventional finance buyers and crypto followers to find out about one another.
“Crypto isn’t going away,” he added.
Know a few of you’re fatigued w/ my limitless bitcoin ETF tweets (which I get)…
However I really like the truth that this saga is forcing extra tradfi buyers to find out about crypto & extra crypto buyers to find out about ETF wrapper.
That’s “The Bridge”.
Crypto isn’t going away.
— Nate Geraci (@NateGeraci) December 28, 2023