Cathie Wood predicts SEC simultaneously allowing multiple spot crypto ETFs: Report
ARK Investment Management is one of many firms looking for ways to offer U.S. investors exposure to crypto through exchange-traded funds.
ARK Investment Management founder and CEO Cathie Wood has reportedly suggested that the United States Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange-traded funds, or ETFs, at the same time.
In an Aug. 7 interview with Bloomberg, Wood predicted the SEC would approve “more than one [ETF] at once” if it moves forward with any application currently under consideration. ARK Investment Management sent in one of the most recent spot Bitcoin (BTC) ETF applications in June after amending the submission to include a surveillance-sharing agreement.
Today on @BloombergTV's ETF IQ @CathieDWood agreed with our assessment (below) that if spot #Bitcoin ETFs are approved by the SEC, it will be multiple at the same time and not just one. https://t.co/oNOeqs4HDL pic.twitter.com/K18qFNOtQL
— James Seyffart (@JSeyff) August 7, 2023
Wood’s remarks were similar to a proposal by Grayscale, the company currently suing the SEC over its refusal to accept an application allowing its Bitcoin Trust to be converted to a spot Bitcoin ETF. In July, Grayscale’s legal team submitted a letter to the SEC requesting the regulator approve all proposed spot Bitcoin ETFs at the same time to avoid one having an advantage over another.
The SEC has never approved a spot crypto ETF in the United States, but has allowed the listing of crypto-linked futures ETFs as well as a leveraged Bitcoin futures ETF from Volatility Shares Trust. At the time of publication, the SEC has received crypto ETF applications from Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity and ARK Invest.
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