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.
Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.
Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.
National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.
While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.
A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave