SEC bats down ARK's and 21Shares' second bitcoin ETF proposal

Quick Take

  • ARK Investment Management and 21Shares are back to the drawing board on their proposed Cboe BZX Exchange after the Security and Exchange Commission for a second time rejected a filing to establish the bitcoin exchange-traded fund (ETF).

The Securities and Exchange Commission has rejected a spot bitcoin exchange-traded fund proposed by ARK Investment Management and 21Shares.  

The decision marks the second time ARK and 21Shares have attempted to get the Cboe BZX Exchange off the ground, only to be denied by the commission. The SEC rejected the initial proposal from the companies to establish a bitcoin ETF last April. 

“The commission concludes that BZX has not met its burden under the Exchange Act,” the SEC said in a statement that echoed prior rulings.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Thus far, the SEC has yet to approve any proposal for a bitcoin ETF, for years citing opacity in the underlying bitcoin market and concerns over possible price manipulation. Grayscale, the subsidiary of the Digital Currency Group that manages the Grayscale Bitcoin Trust investment fund, sued the SEC last year over its lack of approval of its own spot ETF application. The suit remains ongoing. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


About Author

Jeremy Nation is a senior reporter at The Block covering the greater blockchain ecosystem. Prior to joining The Block, Jeremy worked as a product content specialist at Bullish and He also served as a reporter for ETHNews. Follow him on Twitter @ETH_Nation.


To contact the editor of this story:
Colin Wilhelm at
[email protected]