Cathie Wood said Monday that she's expecting another delay for ARK Invest's proposed spot bitcoin ETF, with the U.S. Securities and Exchange Commission coming to the end of a review period for the fund next week.
"I think you're probably right that Aug. 13 will come and go," Wood said on Bloomberg Television Monday when asked about a possible delay. "I think the SEC, if it's going to approve a bitcoin ETF, will approve more than one at once."
The regulator is currently reviewing applications for eight separate funds, having acknowledged most of the recent wave from asset managers including BlackRock, Fidelity, VanEck and Invesco last month. The ARK 21Shares Bitcoin ETF was ahead of the pack and currently has the next looming decision deadline, which the SEC can extend further.
The SEC also wraps up a public comment period for many of the funds this week in a process that's drawn input from a former cricket player, a city planner, a mechanic and a physicist.
Excitement for spot bitcoin ETF
Excitement about the possibility of a spot fund triggered a rally in the price of bitcoin, which skyrocketed around 20% in the days after BlackRock's filing, but SEC Chair Gary Gensler has expressed concern about fraud and manipulation in the sector.
Grayscale, which had its proposal to convert its flagship GBTC fund into a spot bitcoin ETF rejected by the SEC, has also argued that any possible approval should include previous funds that have been disapproved.
"Most of these, essentially, will be the same, and it will come down to marketing, communicating the message," Wood said.
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