Cathie Wood, the Founder and Chief Executive of Ark Invest, expects the U.S. Securities and Exchange Commission (SEC) to extend the deadline for ruling on ARK’s application for a Bitcoin exchange-traded fund (ETF). In an interview with Bloomberg, Wood also suggested that the SEC may approve multiple Bitcoin ETFs at once.
Currently, the deadline for the SEC to announce its decision on ARK’s application is August 13th. However, Wood believes that the financial regulator will extend this deadline. She stated that if the SEC is going to approve a Bitcoin ETF, it will likely approve more than one at the same time. Wood emphasized that most of these ETFs will have similar features, and the key differentiator will be how they market and communicate their message to investors.
Wood’s belief in the approval of multiple Bitcoin ETFs aligns with the current landscape. Besides Ark Invest, several other firms, including BlackRock Inc, have filed for Bitcoin ETFs. The possibility of a Bitcoin ETF has been a hot topic in the cryptocurrency industry, and it has contributed to the significant rally in Bitcoin prices this year.
Wood’s investment management firm has significant exposure to Bitcoin through its holding in Grayscale Bitcoin Trust. While she did not comment on her plans for this investment if a Spot Bitcoin ETF is approved, her firm’s involvement in the Bitcoin market highlights her confidence in the potential of digital assets.
Overall, Wood’s optimistic outlook on the SEC’s potential approval of multiple Bitcoin ETFs suggests that she sees a bright future for cryptocurrencies. If the SEC does choose to approve more than one Bitcoin ETF, it could open up new investment opportunities for investors looking to gain exposure to the digital currency market.