Cathie Wood, CEO of ARK Invest, says the chances of a January 2024 approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the US are increasing.
In a new interview on Bloomberg Television, Wood says the engagement between ARK Invest and the U.S. Securities and Exchange Commission (SEC) over the ETF application makes her believe approval is more likely than ever before.
“Well, we think the opportunities have increased because the SEC has been very involved compared to what happened before. It used to be just refusing approval, refusing approval. And we just kept resubmitting our files, you know, trying, trying, trying, tenaciously and determinedly. And so we think we’re first in line and that’s why there’s this January 10th deadline.
But we like the idea of the SEC being so involved, and that applies not only to us, but to others as well. We believe that a number of funds can be approved at the same time. And they didn’t just ask one set of questions, but follow-up questions. Again, that’s a very good sign.”
However, Wood warns that there still remains some risk that the SEC does not approve the spot Bitcoin ETFs before January 10, as many expect.
“The last few questions have been very technical and more rigorous and you would expect them to ask these questions as we move towards approval. Now it’s not 100% certain. That is why we want to make that clear. This is the SEC, and we never know what could happen down the road.”
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