The newest financial institution to sign up for a Bitcoin Exchange Traded Fund (ETF) is Cathie Woods Ark Investment Management. The ARK 21Shares Bitcoin Futures Strategy ETF plans to invest in exchange traded Bitcoin futures contracts with the token ARKA. However, the US Securities and Exchange Commission has not yet approved any of the proposals and the queue is getting longer with more than 20 applications already filed.

Suggest was recently filed on October 13th by Alpha Architect, the issuer of the ETF, with 21Shares as the representative advisor and Ark as the marketing services provider. 21Shares is not very well known in the US but has made a name for itself in Europe with crypto ETPs that track a range of digital assets such as BTC, XRP and DOT.

Futures products are likely to be the first to be approved as they are operated by the Chicago Mercantile Exchange (CME) and require investors to have a cash margin to trade.

Approval in October?

Bloomberg senior ETF analyst Eric Balchunas remains confident that one of them will be approved this month, saying that ProShares is more likely to pass first.

He added that Valkyrie has also just updated its Bitcoin Futures ETF prospectus by adding a BTF token, “which usually only happens when it’s ready to go.”

Balchunas claims Ark’s move makes sense as the company is exposed to Grayscale’s Bitcoin Trust.

The Bitcoin market gained momentum over the past month in anticipation of ETF approval. BTC price gained 3% on the day after hitting a high of $ 58,500 on the morning of October 14, a five-month high.

Bitcoin is currently only about 11% off its April ATH, and a green light from the SEC this month could take BTC to new highs.

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