Crypto Market News: The crypto market’s Bitcoin ETF frenzy continues to develop with many financial giants following Blackrock in filing for the spot Bitcoin ETF. In a latest development, Cathie Wood’s Ark Invest, which also filed an application with the SEC for a spot Bitcoin Exchange Traded Fund (ETF), made a change to its filing. Interestingly, the amendment could potentially have a clash with the Blackrock filing.
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Earlier, CoinGape reported comments about the ARK Bitcoin ETF filing having the first mover advantage, above Blackrock, which the world’s largest asset manager. This makes it an interesting wait for the SEC’s decision, and more importantly, who gets the decision first, Blackrock or Ark?
Ark Bitcoin ETF Filing – Amendments
The BlackRock filing mentioned its plans to use US crypto exchange Coinbase’s Custody platform and spot market data for pricing. The latest amendment to Ark’s spot bitcoin ETF filing relates to the inclusion of a surveillance sharing agreement with a crypto exchange. This could likely be Coinbase, considering Ark CEO Cathie Wood’s investments in Coinbase stock. It was only on June 7, 2023 that Cathie Wood’s Ark Invest added $21 Million worth Coinbase (COIN) shares to its portfolio.
Hence, there could be a conflict of interest from partnership point of view, if the Ark Bitcoin ETF also plans to use Coinbase services. Either way, this could come as a welcome problem of plenty for the US based crypto exchange.
Wood is among the Bitcoin supporters who is bullish that the top cryptocurrency would reach the $1 million milestone by the year 2023. Meanwhile, Eric Balchunas, an ETF analyst at Bloomberg, wonders if the Ark ETF decision would be delayed and Blackrock filing approved thereafter.
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