Cathie Wood, CEO of ARK Invest, says the U.S. Securities and Exchange Commission (SEC) is starting to show a change in attitude toward the company’s application for a spot market Bitcoin (BTC) exchange-traded fund (ETF).
In a new CNBC interview, Wood says there has been a healthy exchange of information between the SEC and ARK Invest’s BTC ETF partner 21Shares.
“Our partner 21Shares in Europe has responded to the SEC’s questions or sent information… and what we see here is a small change in the SEC’s behavior.
They actually ask questions and we worked with our partner to provide five pages of answers to those questions. So we would say, progress.”
The SEC is due to make a final decision on the filing status of ARK 21 Shares Bitcoin ETF by January 10, about three months earlier than the final deadline for other BTC ETFs on the spot market.
Wood also says that the institutional floodgates will open once the SEC greenlights a Bitcoin ETF.
“I think a lot of people are focusing on our price target for Bitcoin and our base case is over $600,000 in the year 2030, and they really want to understand that. Maybe they’re just trying to understand our research, but there’s certainly a focus on whether this is a new asset class that I should explore.
And I would say that institutions, especially if they see the SEC seal of approval in this way, it will ultimately drive institutional interest in Bitcoin.”
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