Cathie Wood's ARK would be "in the front line" for a spot Bitcoin ETF

ARK Invest applied for a spot Bitcoin ETF in conjunction with 21Shares long before BlackRock, and its application would be in the front line for the SEC approval.

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ARK Investment Management, a pro-Bitcoin (BTC) company founded by veteran investor Cathie Wood, is reportedly leading the race for a spot BTC exchange-traded fund (ETF).

In mid-June, investment firm BlackRock filed an application for a spot Bitcoin ETF, sparking notable optimism in cryptocurrency markets.

Several reports have suggested that BlackRock could become the first issuer of a spot Bitcoin ETF in the US if it receives approval, but that may not be the case, according to some executives and analysts.

“Other candidates will be able to modify their filings with similar agreements at little cost,” ARK analyst Yassine Elmandjra reportedly said.

Elmandjra pointed out that ARK and European asset manager 21Shares filed an application with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF in April. "It is now the only one ahead of BlackRock," he added.

More industry watchers, including Bloomberg Intelligence ETF analyst James Seyffart, have also argued that ARK and 21Shares should be ahead of anyone for a Bitcoin ETF spot.

"21Shares, ARK and Cboe [Chicago Board Options Exchange] are on the front line as their next SEC decision date is August 13, 2023, and we don't know yet...