In its newsletter dated on June 26, 2023, Cathie Wood-led Ark Invest/21 Shares claimed that it would be the first potential candidate to receive approval for a Spot Bitcoin ETF by the US SEC. They re-filed their application for the third time with the US SEC, this year on April 26, 2023.
Earlier, they were rejected twice. The two companies, Ark Invest and 21 Shares filed their first application in July 2021, which was rejected in April 2022. They again filed a resubmission in May 2022 which was again rejected in Jan 2022.
The resubmission contained details of their willingness to partner a US based spot operator for SSA but did not explicitly mention a name.
Details of the ETF
Parties to the ETF
- Ark 21 Shares Bitcoin ETF is the name of the “Trust” that will issue the ETF.
- Ark Investment Management LLC will provide assistance in marketing of the ETF.
- 21 Shares US LLC is the Sponsor of the Trust. 21 Shares have entered into an agreement for the marketing of the ETF with Ark Investment Management. 21 Shares is a wholly owned subsidiary of Amun Holding Limited.
- Delaware Trust Company is the Trustee of the Trust.
- Coinbase Custody Trust Company is the custodian of the Bitcoins in the ETF.
Offerings
- Maximum Offering Size is $1,000,000.
About Ark Invest
Ark Investment Management LLC is an US based investment firm that offers ETFs, Venture Capital Funds, and few other investment schemes in innovative technologies such as blockchain technology. Ark is led by its CEO Cathie Wood, who often conducts insightful podcasts with Elon Musk (Tesla), Jack Dorsey (founder and former Twitter CEO) and several other notable supporters of innovative technologies.
The company is also known for its research publications. In February 2023, it published the 2023 Big Ideas, a document which majorly highlights how blockchain technology could transform our daily lives. It also has optimistic reports on AI, 3D Printing, Molecular Diagnosis, Precision Therapies, Electric Vehicles, Autonomous Taxi, and a lot more.
SEC Delays Decision
The SEC replied to the filing with a comment that decision on the spot bitcoin ETF by ArkInvest and 21Shares have been delayed till 2024.
