Ark 21Shares Backers Take Another Shot at Spot Bitcoin ETF Approval

The initial application for a spot bitcoin ETF was rejected in April.

By Michael Bellusci

May 26, 2022 at 3:39 p.m. UTC

Updated May 26, 2022 at 4:12 p.m. UTC

Firms seek SEC approval. — The SEC asked for comments on the Ark 21Shares renewed spot bitcoin ETF application. (Shutterstock)

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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Cathie Wood’s ARK Investment Management and Switzerland-based investment-products issuer 21Shares are having another try at getting their spot bitcoin (BTC) exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission.

The SEC rejected an application for the ARK 21Shares Bitcoin ETF in April, citing a lack of investor protections.
A new filing was made May 13 by Cboe BZX Exchange.
The SEC said in a filing that it is soliciting comments with respect to the new application.
The SEC has yet to approve any spot bitcoin ETFs. It has either rejected or delayed those requests, while allowing funds that trade bitcoin futures.
In its filing, Cboe said it believed it “represents a regulated market of significant size” and that the proposal should be approved, according to the May 25 filing.

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