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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

ARK Invest’s CEO Says SEC Could Approve Multiple Spot Bitcoin ETFs Simultaneously

Scott Matherson
Scott Matherson
1 year ago
3 mins read
ARK Invest Cathie Wood Spot Bitcoin ETF

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ARK Invest CEO Cathie Wood has sparked speculation with her recent prediction that the United States Securities and Exchange Commission (SEC) may potentially grant approval for multiple Spot Bitcoin exchange-traded funds (ETFs) simultaneously.

Deviation From The Norm For Spot Bitcoin ETFs

In a recent interview with Bloomberg on August 7, Cathie Wood shared her insight that the SEC might opt for a groundbreaking strategy by approving more than one Bitcoin ETF at the same time.

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Wood’s assertion, “I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” has captured attention, especially given her prior assurance that her firm would lead in securing approval for a spot Bitcoin ETF.

Wood’s projection deviates from the conventional practice of sequential ETF approvals. By envisioning a simultaneous approval scenario, she introduces a novel approach that could streamline the regulatory process. This potential shift aims to foster a balanced and inclusive investment landscape, catering to an expected demand of over $50 billion.

Implications For The Cryptocurrency Industry

Historically, the SEC has not granted approval for spot Bitcoin ETFs, while permitting the listing of ETFs tied to crypto futures. Wood’s forward-looking statement emerges amidst a surge in applications from major players like BlackRock Inc, Fidelity, WisdomTree, VanEck, and Invesco, all vying for the approval of similar crypto ETFs as ARK. 

Wood’s forecast also emphasizes the significance of strategic marketing. Given the anticipated resemblance among various funds, Wood suggests that issuers’ marketing prowess will be crucial in setting them apart as a race for dominance is expected. This insight underscores the competitive edge sought by applicants in a rapidly evolving sector.

Bitcoin (BTC) price chart from Tradingview.com

BTC price recovers as positive sentiment grows | Source: BTCUSD on Tradingview.com

As Cathie Wood’s prediction reverberates through the financial realm, industry observers await  SEC’s response. With a significant deadline for ARK’s application looming on August 13, amidst speculation of potential delays, Wood suggested that the deadline might pass and be extended but then the date will be eagerly waited on. 

Although Ark Invest filed for its spot Bitcoin ETFs application on May 15, earlier than others like BlackRock who filed its application on June  15, this was thought to be a race for winners or losers according to Cathie’s “first in line” phrase to favor Ark Invest. However, her revised view makes the race for Spot Bitcoin ETFs and SEC ruling more interesting.

This innovative forecast accentuates the intersection of forward-thinking and regulatory dynamics, highlighting an era where digital assets are increasingly integrated within traditional financial frameworks, especially the recent push for ETFs.

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Wood is known for her unwavering conviction in disruptive innovations and the companies behind them with her investment management firm ARK Invest boasting numerous high-value stocks like CoinBase Global (COIN), Tesla(TSL), and Block (SQ), among others. 

Wood also reportedly bought $100,000 worth of Bitcoin years ago when it was sold for $250 apiece and the CEO revealed that she has never sold a single BTC.

Featured image from MarketWatch, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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