• Modification 19b-4 of ARK contains oversight sharing agreements with CBOE and US cryptocurrency exchanges.
• ARK Make investments founder and CEO Cathie Wooden mentioned the Ark 21Shares Bitcoin ETF is about to be the primary to be permitted because the “oldest” utility to the SEC.
• BlackRock’s Spot Bitcoin ETF additionally included an SSA with Coinbase.

ARK Make investments and 21Shares are Repair 19b-4 The ARK 21Shares Bitcoin ETF was re-filed in April and a choice from the SEC is anticipated in August.

Particularly, the 2 corporations have knowledgeable the SEC that they’ve entered right into a Surveillance Sharing Settlement (SSA) with the CBOE BZX Alternate and a US-based cryptocurrency change supplier that conducts spot buying and selling of Bitcoin.

In line with hypothesis, the change in query is Coinbase, the most important cryptocurrency platform in the USA, which coincidentally has been sued by the SEC for alleged securities violations.

What does ARK Modification 19b-4 imply?

The amended utility implies that the ARK 21 Shares Bitcoin ETF could have a construction just like that of BlackRock, giving the ETF the very best precedence for approval because the “oldest utility” to regulators. .

“Since 2015, ARK has been convincingly researching the cryptocurrency area and investing in cryptocurrency-related shares. On April 25, 2023, in partnership with 21Shares, now we have utilized for the ARK 21Shares Bitcoin ETF. It’s proud to be the oldest lively submitting with the SEC and is anticipated to guide consideration for approval.Cathy Wooden, Founder and CEO of ARK Make investments Mentioned.

Bloomberg Senior ETF Analyst Eric Balchunas mentioned: I received it ARK’s transfer places a brand new twist on the spot ETF plot. He pointed to the truth that a choice on the ETF is anticipated in August and that BlackRock probably needs to be the primary to market.

A ruling within the Grayscale lawsuit towards the SEC can also be anticipated across the similar time.

Nate additionally brings up one other twist: Will BlackRock (not taking part in) even permit SSE offers with different issuers that will assist Coinbase win over different issuers? In that case, ARK would wish one other crypto change to make use of. https://t.co/nBKdNxY1bH

— Eric Balchunas (@EricBalchunas) June 28, 2023

BlackRock filed for a Spot Bitcoin ETF containing SSA on June 15. Different asset managers have adopted swimsuit, and the business is buzzing with the prospect of approval. Bitcoin value surged on bullish sentiment, hitting a brand new excessive above $31,000.