A senior analyst of ETFs under Bloomberg states that some positive indications are occurring regarding the approval of an ETF of Bitcoin. He pointed toward the filing of Ark Invest for ETF of Bitcoin futures with an allotted ticker as well as the update of Valkyrie for its prospectus for ETF with a ticker. The “Ark-Investment-Management-LLC” of Cathie Wood filed for a “futures ETF” of BTC (Bitcoin) having the ticker “ARKA” whereas a prospectus for BTC futures has been assigned by Valkyrie with the ticker “BTF.”
As per Eric Balchunas (the Bloomberg analyst), companies usually update the proposals thereof when they have prepared everything being ready for release signifying that Valkyrie seems to be shortly given a green signal from the SEC (Securities-and-Exchange-Commission) of the United States. He also discussed the application of “Bitcoin-Futures-ETF” by Ark Invest, which was filed on 13th October in association with white-label Alpha-Architect, and 21Shares. He stated that the allotted ARKA ticker counted to be another positive indication of the SEC’s favorable nature towards BTC ETFs.
The analyst, while pointing toward the ETF of Valkyrie, added that he focuses on such updated-prospectus filings to determine the upcoming official green light from the SEC. He also mentioned that the applications of this type are usually updated with their final details just before the launch. Nonetheless, he admitted that nothing is certain in the case of the crypto space. He downplayed the importance of the news about Ark Invest, saying the entirety of the actions of Ark was just an update of its “ARKW-ETF prospectus,” meaning that exposure to BTC may be acquired by it through Canadian ETFs.
Nonetheless, the new ETF filing of Ark with the Securities Department does not indicate “Canada,” and it has been clearly outlined by the application that the purpose of the fund revolves around the hunt for investment in the “exchange-traded futures-contracts” of Bitcoin on the CME (Chicago-Mercantile-Exchange). Recently this month, Balchunas disclosed that there is a high probability for ETFs which are backed by Bitcoin futures to get approved during October. He supported his point by stating that “Act 40” regulates them being preferred by the Securities Department because it gives priority to enhanced consumer protections as compared to those Bitcoin ETFs that are physically-backed, and “Act 33” regulates them.