ARK files an updated Bitcoin ETF application

ARK 21Shares has filed an updated Bitcoin ETF application. The development comes in the last concluding hours of the deadline by the SEC, December 29, 2023. The community speculates that more applications could be on the way to strengthen their chance of getting approval in the first wave.

A tentative date for confirmation is January 10, 2024. Not that all applications will be approved since the Commission has tabled the chance of rejecting all or some applications.

As for ARK 21Shares, submitting an updated application hours before the final deadline marks the fifth updated application. This amendment is likely to be the final version of the application, for the deadline does not permit more submissions after December 29, 2023.

Several amended applications have been filed in light of in-cash creates and in-kind creates arguments. The SEC mandates crypto enterprises to comply with in-cash creates, yet, most participants are adamant about in-kind creates, which gives them the authority to support only crypto redemptions. Some of the corporations have asked for authorization to better serve their clients.

Other crypto ventures that have capitulated to the demands of the US Securities and Exchange Commission are BlackRock, Fidelity Investments, and Valkyrie.

Another move that is making headlines is Cathie Wood selling her GBTC position at Grayscale Bitcoin Trust. A lot of questions have been raised, with some saying that Wood has likely gone bearish on Bitcoin. This is highly unlikely, as her own company is taking the lead in getting approval for the Bitcoin ETF application.

Others are assuming that Catherin has sold her GBTC position to gain a larger exposure to Bitcoin instead of GBTC. There is also a chance that she has undertaken the said move to not give any wrong impression to her investors, who may eventually wind up thinking that it’s bad that she holds shares of their competitors.

The only reasonable opinion out of those assumptions is her intention to gain more exposure to the Bitcoin ETF instead of GBTC. A statement from an official representative could clarify the position.

That said, the outlook for Bitcoin in the future is heavily dependent on two factors: – approval of Bitcoin ETF applications and Bitcoin halving. The token is currently being exchanged at $42,537.20, a slip of 1.08% in the last 24 hours and 3.125 in the last 7 days. However, it marks a jump of 11.42% in the last 30 days.

BTC is estimated to surpass its ATH by the end of 2024, setting the stage for achieving the milestone of $100k.

The movement of BTC on the graph has affected ETH. It is listed on the board at $2,358.61, a slip of 0.68% in the last 24 hours. It has continued to be traded at a value of more than $2,300 since the end of December 27, 2023.