21Shares Update Spot Bitcoin ETF Application Ahead of SEC Deadline

Crypto Crisis in the United States

ARK Investment Management, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, is continuing its pursuit of launching a spot Bitcoin exchange-traded fund (ETF) in the United States.

On Nov. 20, ARK Invest and 21Shares, the European digital asset manager, submitted an amended prospectus for their Bitcoin ETF product. If approved, the ETF, named the ARK 21Shares Bitcoin ETF, will be listed on the Chicago Board Options Exchange’s BZX Exchange under the ticker symbol ARKB.

This is the third amendment to the prospectus since the firms first filed for a spot Bitcoin ETF in April 2023. The October amendment to the form S-1 registration statement was seen as a positive sign of progress by experts in the crypto space.

Crypto Updates and Latest Filing

In September 2023, the SEC again postponed its anticipated decision on ARK’s application, setting the next deadline for Jan. 11, 2024.

According to Bloomberg ETF analyst Eric Balchunas, the latest filing includes numerous updates, such as crypto currency risk disclosures designed to meet corporate finance requirements.

“One interesting thing is they are adhering to in-kind creations redemptions — albeit in a hybrid model — to minimize tax and spread issues,” Balchunas noted. “Semi-shocker to be honest, but in a good way,” he added, expressing:

Bloomberg ETF watcher James Seyffart also suggested that the latest filing likely indicates that progress is being made with the SEC conversations.

ARK has been actively amending its application, however, not all of the applicants for a spot Bitcoin ETF have updated their filings. As per data from Steyfart, as of mid-November, only Franklin Templeton and Global X out of the 12 filers for a spot Bitcoin ETF had not amended their S-1 filings.

The crypto crisis has been making headlines in the United States, but not all news related to crypto is bad. In fact, the crypto currency market is constantly evolving with the latest updates and live updates. Global X and COTI have been making progress in the crypto market, while Celsius has also been making strides with its latest offerings.