While the race for Spot BTC ETFs is getting hotter, says CEO Cathie Wood that Ark Invest comes first

While the race for Spot BTC ETFs is getting hotter, says CEO Cathie Wood that Ark Invest comes first

The first Bitcoin ETF application was already submitted by Cameron and Tyler Winklevoss in 2013. However, the US supervisory authorities have not yet approved such an application.

But now they are apparently under enormous pressure, and some of the largest actors in traditional finance are throwing their hats into the ring.

The race for the BTC ETF takes on

Finally, the world's largest fund manager-Blackrock-on June 15, has applied for a spot bitcoin investment fund on June 15, the company that manages its ETF family. In less than two weeks, several other companies, including the competing asset management giant Fidelity, again applied Spot-Bitcoin ETFs. Other prominent names include Investco, Wisdomtree, Valkyrie Investments and Vaneck.

These companies have tried to clear the concerns of the SEC, which is reflected in the lawsuit of the regulatory authority against Binance and Coinbase. For example, the Blackrock application has a clause for monitoring division, a premiere for spot bitcoin ETF applications. Ten days after the SEC's complaint against Binance and Coinbase, Blackrock added a clause to dividing the surveillance to his application.

As part of the surveillance sharing agreement, the fund manager will pass on the commercial, clearing and customer identity data to the supervisory authorities to prevent fraud and manipulation.

News reports indicated that the SEC considered Blackrock's application to be inadequate and that it lacked concrete details. The asset then submitted the application again and stated that he had appointed Coinbase as his surveillance partner.

ARK Invest, which submitted his Spot-Bitcoin ETF application to the investment company 21Shares in April, changed his application on June 28 and added a clause to dividing the surveillance. ARK Invest will probably also have Coinbase as his surveillance sharing partner.

The increasing interest of large players of Spot BTC ETFs has put the entire cryptom market into turmoil, whereby BTC was able to keep its price at around $ 30,000.

First of all, Ark Invest: CEO Cathie Wood

If the SEC now gives the green light, it will be discussed as to whose application is approved first.

Cathie Wood, CEO of ARK Investment, argued that your company was first when the SEC permit came, reports Bloomberg. She said that the agency could need Black Rock for the Spot-BTC ETF applications for the Spot BTC ETF applications from ARK Invest and until March to either approve or reject them.

But clarity will prevail long beforehand if the court will announce its judgment expected in August in the lawsuit of Grayscale against the decision of the SEC.

The GrayScale Bitcoin ETF should be fully secured by BTC in the cold storage. Wood argued that it was contradictory to approve the Bitcoin futures ETF, which contains swaps, and not to give a green light.

Taking all these factors into account, Blackrock has no advantage over ARK Invest, claims the ARK Invest CEO.

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