Wood's Ark Adds Possible 'Silver Bullet' to Bitcoin ETF Filing

The move theoretically places ARK and 21Shares ahead of BlackRock in the race to launch the first U.S. spot-Bitcoin ETF, given that they filed in April, according to Bloomberg Intelligence.

“If the SEC just needed that — if that’s the silver bullet — now they both have silver bullets,” Bloomberg Intelligence senior ETF analyst Eric Balchunas said. “Since ARK and 21Shares filed first, you’d have to approve them first.”

The SEC has repeatedly rejected previous attempts to launch physically backed Bitcoin ETFs, citing concerns such as market manipulation.

The regulator has stated numerous times its desire for surveillance-sharing agreements with a “regulated market of significant size,” according to a Bloomberg Intelligence report.

The cryptocurrency market has rallied broadly since BlackRock’s application arrived in mid-June thanks to the asset-manager’s stature on Wall Street. Bitcoin has surged more than 21% since, boosting prices above $30,000.

(Photo Credit: Kyle Grillot/Bloomberg)