Cathie Wood's ARK Invest Claims Top Spot in Approval Race for Spot Bitcoin ETF

Cathie Wood's ARK Investment Management LLC said on Monday that it was the first to gain approval for a potential spot Bitcoin BTC/USD ETF.

What happened: This contrasts with industry speculation that BlackRock BLK is ahead in the approval race, given its recent filing for a spot product.

However, as ARK analyst Yassine Elmandjra said, "other applicants will be able to amend their filings with similar deals at little cost," Bloomberg reported. .

In April, ARK and 21Shares filed an application for a Bitcoin ETF that would be ahead of BlackRock.

Although the BlackRock case has shaken up the cryptocurrency market, an ETF that regulates market manipulation does not currently exist in the United States.

More: A stay at the floating palace from James Bond's 'Octopussy'

Why it matters: Following BlackRock's filing of a spot Bitcoin product, other asset managers such as Invesco, WisdomTree and Valkyrie have also filed applications to launch their own bitcoin funds.

Price Action: At the time of writing, BTC was trading at $30,266 down 0.17% in the last 24 hours, according to data from Benzinga Pro.

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