Ark 21Shares Bitcoin ETF Was Proposed Fifth Amendment As Deadline Approaches

Key Points:

• Ark Invest and 21Shares meet the SEC deadline with the fifth Ark 21Shares Bitcoin ETF amendment, addressing crypto redemption concerns.
• Speculation surrounds final updates, including authorized participants and potential SEC agreements.

In a last-minute effort, Ark Invest and 21Shares successfully submitted their fifth amendment to the Form S-1 registration statement for Ark 21Shares Bitcoin ETF (ARKB) on December 28, 2023.

Read more: ARK 21Shares Spot Bitcoin ETF Is Gradually More Active As Discussions With SEC Continue

Ark 21Shares Navigates SEC Deadline with Fifth Amendment for Ark 21Shares Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) had set a final deadline of December 29 for amended filings related to spot Bitcoin exchange-traded funds (ETFs). The SEC had explicitly warned that filings with “in-kind” crypto redemptions would face rejection.

The latest amendment, focused on changes to authorized participants’ terms, raised speculation about a potential final update before the ETF’s launch. Eric Balchunas, senior ETF analyst at Bloomberg, suggested that the names of authorized participants might be revealed in the last effective update before the launch, emphasizing uncertainties about a potential agreement between the SEC and Ark 21Shares.

Notably, Ark 21Shares Bitcoin ETF‘s amendment coincided with Cathie Wood‘s firm closing out its position in the Grayscale Bitcoin Trust (GBTC), sparking discussions about a strategic shift ahead of the anticipated Bitcoin ETF approval in early January 2024.

Ark 21Shares managed to meet the SEC’s submission deadline, positioning itself favorably within the Ark 21Shares Bitcoin ETF approval timeline. Industry experts speculate that this amendment could be the “very final effective update just prior to launch.”

However, the nature of any potential agreement with the SEC remains unclear. Missing the SEC deadline would have meant missing the first wave of approved ETFs expected by January 10.