Cathie Wood stated that the SEC can accept multiple Bitcoin ETFs simultaneously.
Ark Investment founder Cathie Wood evaluated spot Bitcoin ETF applications. Wood stated that the SEC can accept multiple Bitcoin ETFs simultaneously.
Cathie Wood says SEC can accept multiple Bitcoin ETFs at once
Cathie Wood changed her mindset that ARK Investment Management would be first in line for potential approval for its long-awaited product, noting that the SEC can approve multiple spot Bitcoin ETFs at once. “I think if the SEC is going to approve a Bitcoin ETF, it will approve more than one at a time,” Wood, CEO and CIO of ARK Investment Management, told Bloomberg TV.
In June, ARK stated that the investment firm was in the first place to seek potential approval for a spot Bitcoin exchange-traded fund due to its early filing deadline. But now Wood said he thinks the SEC can approve multiple applications at once. This could open an avenue for products that could potentially generate more than $50 billion in demand.
So far, no spot-Bitcoin ETF has been approved in the US, and regulators have been hesitant about it. Firms such as BlackRock Inc., Fidelity, WisdomTree, VanEck and Invesco have applied to launch funds similar to ARK’s product. Because of the similarity of these potential funds, Wood said the success of each will depend on the marketing capabilities of the issuer.
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