21Shares President: Spot Bitcoin ETF Is One of the Best ETFs Ever
The executive also commented on the possibility of an Ethereum ETF being approved.
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The executive also commented on the possibility of an Ethereum ETF being approved.
Ark Invest shifts its strategy, actively accumulating Ark 21Shares Spot Bitcoin ETF (ARKB) while divesting from ProShares Bitcoin Strategy (BITO). ARKB secures a top-five position in ARKW's portfolio, surpassing well-known holdings and becoming the third-largest among 'Newborn nine' spot Bitcoin ETFs.
Ophelia Snyder, co-founder of 21Shares and 21.co, said that even if Coinbase went bankrupt, the underlying Bitcoin of the spot Bitcoin ETF would not be commingled.
BlackRock and Ark Investment Management have reduced fees for their Bitcoin ETFs ahead of the expected SEC approval, reflecting an industry-wide fee war. BlackRock's aggressive pricing strategy, including a 0.12% fee for the first $5 billion in assets, highlights the competition's intensity. While significant for mainstream crypto integration, potential challenges for smaller players and lingering regulatory issues persist in the evolving market landscape.
J. Matthew DeLesDernier, assistant secretary for the SEC, said it had extended to allow for “sufficient time to consider the proposed rule change and the issues raised therein.”
The U.S. SEC rejected the application for the ARK 21Shares Bitcoin ETF in early April and has not approved a spot Bitcoin ETF so far.
Total assets invested in crypto ETFs and ETPs hit $16.3 billion by the end of the first quarter, but the community is still waiting for a spot Bitcoin ETF in the U.S.
The ProShares Bitcoin ETF broke an 18-year record as the fastest fund to reach $1 billion in assets under management.
The regulator said it would be appropriate to “specify a longer period” of approval or disapproval of the proposed bitcoin ETF.
21Shares submitted the spot Bitcoin ETF application with Ark Investment Management in June 2021 for listing on the Cboe BZX Exchange.