Cathie Wood said that the Securities and Exchange Commission may approve multiple spot-bitcoin ETFs at the same time, reversing an earlier view that her firm would be first in line to get potential approval for the long-awaited product.
“I think the SEC, if it’s going to approve a bitcoin ETF, will approve more than one at once,” Wood, CEO and CIO at ARK Investment Management, told Bloomberg TV Monday.
In June, ARK said it was first in line to get potential approval for a spot-bitcoin exchange-traded fund as a result of the early timing of the investment firm’s application with the SEC.
Now Wood has changed her tune, suggesting that the regulator may green-light a number of applications all at once. That could help even the playing field for the products which could potentially usher in more than $50 billion of demand.
To be sure, a spot-bitcoin ETF does not currently exist in the U.S. and regulators have, in the past, been loath to approve one.
Firms including BlackRock Inc., Fidelity, WisdomTree, VanEck and Invesco all applied to launch funds that would essentially be the same as the product from ARK. Because of the similarities of the potential funds, the success of each will come down to the issuer’s marketing skills, Wood said.
“I think Cathie is seeing and hearing the same things we are,” said James Seyffart, ETF analyst at Bloomberg Intelligence.
He added that the “path of least resistance” for the securities regulator would be to approve all or at least multiple spot-bitcoin funds at the same time, particularly if Grayscale Investments wins its lawsuit against the SEC. Grayscale sued the SEC after the agency rejected a plan to convert the $18 billion Grayscale Bitcoin Trust into an ETF.
After a two-year period of inversion, the muni yield curve is back in a more natural position – and poised to create opportunities for long-term investors.
Meanwhile, an experienced Connecticut advisor has cut ties with Edelman Financial Engines, and Raymond James' independent division welcomes a Washington-based duo.
Osaic has now paid $17.2 million to settle claims involving former clients of Jim Walesa.
Oregon-based Eagle Wealth Management and Idaho-based West Oak Capital give Mercer 11 acquisitions in 2025, matching last year's total. “We think there's a great opportunity in the Pacific Northwest,” Mercer's Martine Lellis told InvestmentNews.
Osaic-owned CW Advisors has added more than $500 million to reach $14.5 billion in AUM, while Apella's latest deal brings more than $1 billion in new client assets.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.