What’s Next For Bitcoin ETFs? Cathie Wood, ARK Invest Experts Weigh In
“We’re really excited about some of the breakthroughs in the regulatory landscape when it comes to crypto,” Cathie Wood, ARK Invest CEO said during the “In The Know with Cathie Wood” podcast episode released late Friday.
“It certainly has been a tremendous week, in the news, for the cryptocurrency and the exchange traded fund industry,” said Tom Staudt, ARK Invest (ARKK) COO.
A spot bitcoin ETF would allow investors to gain exposure to bitcoin on traditional markets without having to directly own the cryptocurrency. Staudt pointed out that the court decision did not say the fund had to be allowed to convert to an ETF nor did it grant approval by itself. “It simply said the SEC has to go back and review its ruling on that fund.”
Crypto fund manager Grayscale Investments applied for its Grayscale Bitcoin Trust to be converted into an ETF in October 2021. The SEC rejected the application in June 2022, saying it failed to answer the regulators questions about preventing market manipulation, among other concerns.