ARK Investment Management – a company spearheaded by fund manager Cathie Wood – will reportedly have to wait longer than expected to hear the US SEC’s decision on whether it can launch a spot Bitcoin Exchange Traded Fund (ETF).
In May this year, the firm once again displayed its ambitions to introduce a product that tracks the performance of the primary cryptocurrency. It sought approval to list the spot Bitcoin ETF on CBOE Global Markets (an American organization that owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets).
“In seeking to achieve its investment objective, the Trust will hold bitcoin and will value the Shares daily based on the Index. The Trust will process all creations and redemptions in-kind in transactions with authorized participants. The Trust is not actively managed,” ARK Invest said at the time.
According to a coverage by Reuters, the SEC delayed its decision on whether to greenlight the product until August 30.
It is worth noting that the financial watchdog has not been so kind to ARK Invest in the past. In April, it rejected the firm’s previous spot Bitcoin ETF application, citing a lack of investor protection as a reason.
Apart from ARK Invest, the SEC dismissed several other applications from other companies, including Grayscale and NYDIG.
Shortly after the rejection, Grayscale’s CEO – Michael Sonnenshein – said his firm filed a legal case against the regulator. Specifically, the lawsuit argues that the SEC has acted against the Administrative Procedure Act and Securities Exchange Act.