Cathie Wood’s Ark and 21Shares refile for spot Bitcoin ETF

May 26, 2022 Coin Telegraph

cboe

The U.S. SEC rejected the application for the ARK 21Shares Bitcoin ETF in early April and has not approved a spot Bitcoin ETF so far.

ARK Investment Management, an investment firm founded by veteran investor Cathie Wood, is taking another try to launch a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States.

ARK Invest submitted on May 13 yet another application for its physical Bitcoin ETF, the ARK 21Shares Bitcoin ETF, according to a filing with the U.S. Securities and Exchange Commission. The application includes a proposed rule change from the Chicago Board Options Exchange (CBOE) BZX Exchange.

According to Bloomberg ETF analyst Henry Jim, the latest deadline for approval or disapproval of the ARK 21Shares Bitcoin ETF is January 24, 2023.

Ark 21Shares decides to try again for a "Spot" Bitcoin ETF and files 19b-4 with SEC.

Deadline for approval / disapproval: Jan 24, 2023 (latest).

Deadlines:
2022.07.13
2022.08.27
2022.11.24
2023.01.24

Cboe 19b-4 filing here:https://t.co/1zoJ4NpkSp @bitcoinetf #BTC #BITCOIN https://t.co/L68RBqKmam pic.twitter.com/tfajOWozXf
— ETF Hearsay by Henry Jim (@ETFhearsay) May 26, 2022

The latest filing comes shortly after the SEC rejected the application for the ARK 21Shares Bitcoin ETF in early April. Ark Invest initially partnered with the European ETF issuer 21Shares to file for a spot Bitcoin ETF listed on CBOE BZX Exchange in June 2021.

According to the latest filing, the investment objective of the ARK 21Shares Bitcoin ETF is to seek to track the performance of Bitcoin, in accordance with the performance of the S&P Bitcoin Index. “In seeking to achieve its investment objective, the trust will hold Bitcoin and will value the shares daily based on the index,” the application reads.

A potential approval of a spot Bitcoin ETF by the SEC remains one of the most anticipated events in the community as the SEC has not approved any of multiple spot Bitcoin ETF applications so far. According to ETF analysts, a spot Bitcoin ETF could become real in mid-2023.

Cryptocurrency investment giant Grayscale is among several companies that have been moving aggressively to launch a spot BTC ETF in the United States. In late March, Grayscale CEO Michael Sonnenshein said the firm was ready to initiate a legal fight if Grayscale’s BTC Spot ETF is denied by the SEC.

Three new crypto ETFs to begin trading in Australia this week

May 10, 2022 Coin Telegraph

21shares

Australians will soon have five options for cryptocurrency exchange-traded funds as the delayed funds from Cosmos and 21Shares launch this week along with 3iQ’s in the future.

Australians will soon have more options for spot cryptocurrency exchange-traded funds (ETFs) after a previous hold-up was given the green light this week and new funds entered the ETF market.

The latest update came late on May 9 as Cboe Australia issued a round of market notices that three funds previously delayed are expected to begin trading on Thursday, May 12. They include a Bitcoin ETF from Cosmos Asset Management, plus Bitcoin (BTC) and Ethereum (ETH) spot ETFs from 21Shares.

Cboe Australia and Cosmos did not immediately respond to a request for comment, but a spokesperson from 21Shares confirmed to Cointelegraph:

“We're listing on May 12, this Thursday. The downstream issues are resolved.”

On April 26, a day before three of the first crypto ETFs were set to launch, the Cboe Australia exchange delayed the listing of all three funds due to what it said were “standard checks”.

21Shares said to Cointelegraph at the time that a "service provider downstream” needed more time to support the launch of the products which was believed to be a prime broker or other major financial institution.

The listing date comes just in time as a new competitor stepped into the ETF race. 3iQ, the Canadian firm with Bitcoin and Ethereum spot ETFs listed on the Toronto Stock Exchange (TSX), submitted two offer notices to the Australian Securities Exchange (ASX) on April 28.

The notices revealed plans for the firm to offer units of its Bitcoin and Ethereum ETFs on the Cboe Australia exchange. It will provide exposure to the crypto assets by purchasing units of the existing funds on the TSX similar to Cosmos’ ETF which purchases the Canadian Purpose Bitcoin ETF.

It’s unclear when the funds from 3iQ will be listed but with the announcement of the Cosmos and 21Shares funds listing this week, it’s unlikely 3iQ will win the competition of being the first Australian crypto ETF, the prize of which it’s believed could be over $1 billion in inflows.

Failure to launch: Australia’s first 3 crypto ETFs all miss launch day

April 27, 2022 Coin Telegraph

21shares

Three cryptocurrency exchange-traded funds (ETFs) scheduled to launch on the Cboe Australia exchange today were delayed due to “checks” still being undertaken.

The launch of Australia’s first three Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETF) scheduled for today, has been delayed as a result of further “checks” needing to be completed.

The exchange listing the Bitcoin Spot ETF from Cosmos Asset Management, Cboe Australia, released a statement late Tuesday stating that “standard checks prior to the commencement of trading are still being completed” and a “further update will be provided in the coming days.”

Cboe issued the same notice regarding two spot ETFs issued by 21Shares also scheduled for launch today, a Bitcoin ETF and an Ethereum ETF.

It’s unclear why the products are delayed with the Australian Financial Review reporting that a “service provider downstream” — an entity such as a prime broker or major institution with the power to delay listings until it's ready to support the trade of the products — could be to blame for the hold up.

The underlying asset for the Cosmos ETF is a direct investment into the Canadian Purpose Bitcoin ETF, North America’s first Bitcoin exchange-traded fund. The funds issued by 21Shares are backed by Bitcoin and Ethereum reserves held in cold storage by Coinbase.

Toby Chapple, Head of Trading at Australian wealth management firm Zerocap, told Cointelegraph the delay was “not a big deal.” Referring to the Cosmos Bitcoin ETF he added:

“You would think an ETF which invests in another ETF would be easier to handle, but the broker will just be ensuring they have all their ducks lined up before they go live.”

Cici Lu, Managing Partner at crypto asset investment and wealth management firm Apollo Capital also said that it seemed like just a small bump in a long road for the funds:

“While this isn't an ideal start for the ETF's, it will be looked at as only a minor speed bump in an otherwise successful result for the crypto asset industry in Australia.”

He added: “The traditional finance sector is trying to get its head around how to adapt their businesses to a new asset class, it is a journey both crypto and TradFi are on together. ”

Cointelegraph contacted Cboe Australia, Cosmos and 21Shares for more information regarding the delays but did not immediately hear back.

Cosmos Asset Management’s “Cosmos Purpose Bitcoin Access ETF” received approval from the Australian Securities Exchange (ASX) on April 19 to begin trading following a seven-day notice period and was expected to attract around $1 billion after its launch.

The two ETFs issued by 21Shares received approval around the same time, aligning all three funds with the same launch date.

21Shares isn’t a stranger to hold ups with its crypto ETF products Earlier in April the United Stated Securities and Exchange Commission (SEC) rejected its Bitcoin ETF which was to list on the US Cboe BZX Exchange saying the exchange didn’t meet requirements for listing a financial product.

VanEck Bitcoin futures ETF to launch on CBOE on Nov. 16

November 15, 2021 Coin Telegraph

bitcoin futures

After years of efforts, VanEck is finally launching a Bitcoin exchange-traded fund based on BTC futures.

VanEck, one of the first United States-based asset managers to file for a Bitcoin (BTC) exchange-traded fund (ETF), is finally launching its Bitcoin futures ETF.

According to an official notice by the Chicago Board Options Exchange (CBOE), VanEck’s Bitcoin Strategy ETF will start trading on CBOE under the ticker symbol XBTF on Nov. 16.

VanEck’s new ETF is joining the growing number of BTC futures-based ETFs launched in the United States, including ProShares’ Bitcoin Strategy ETF, which became the first Bitcoin futures ETF to start trading on the New York Stock Exchange on Oct. 19. Valkyrie’s Bitcoin Strategy ETF started trading on Nasdaq under the BTF ticker in late October.

CBOE’s listing of XBTF comes just a couple of days after the United States Securities and Exchange Commission (SEC) officially rejected VanEck’s spot Bitcoin ETF application. The SEC argued that the proposed rule change to list the ETF did not meet standards to “prevent fraudulent and manipulative acts and practices” or “protect investors and the public interest.”

Launched back in 1955, VanEck is a U.S. asset manager specializing in thematic and gold-based ETFs and Mutual Funds. VanEck is known in the crypto community as one of the first U.S. firms to ever file for a Bitcoin futures ETF. The firm has submitted multiple BTC ETF filings with the SEC since then but has only managed to get its futures ETF approved to date.

VanEck did not immediately respond to Cointelegraph’s request for comment.

As previously reported by Cointelegraph, SEC chair Gary Gensler previously hinted that the SEC would be more open to accepting ETFs based on cryptocurrency futures rather than through direct exposure.

However, some companies like Bitwise Asset Management remain bullish on a potential pure Bitcoin ETF, with the firm even deciding to drop its futures ETF filing last week. “Ultimately, what many investors want is a spot Bitcoin ETF. We think that’s possible. So Bitwise will continue to pursue that goal, and we will look for other ways to help investors get access to the incredible opportunities in crypto,” Bitwise chief investment officer Matt Hougan said.

Cboe Acquiring Erisx to Enter Cryptocurrency Spot and Derivatives Markets

October 20, 2021 Bitcoin.com

Fund Manager Wisdomtree Files With SEC to List Ethereum ETF on Cboe BZX

May 28, 2021 Bitcoin.com

CBOE files another Bitcoin ETF application with the SEC

May 11, 2021 Coin Telegraph

Bitcoin

Two months after filing VanEck’s BitcoinETF, CBOE has submitted another application — one proposed by Fidelity — to the SEC.

The Chicago Board Options Exchange, or CBOE, has filed Fidelity’s Wise Origin Bitcoin (BTC) exchange-traded fund with the United States Securities and Exchange Commission.

CBOE filed a Form 19b-4 on Monday seeking to list Fidelity's Wise Origin Bitcoin Trust Bitcoin ETF that was initially submitted to the SEC by the $4.9 trillion asset manager back in March.

Monday’s Form 19b-4 which puts CBOE as the exchange partner for Fidelity’s Bitcoin ETF filing has triggered the SEC approval process.

The Commission’s first response window will close in 45 days upon which the SEC will elect to extend or reject the application altogether. In total, the SEC has 240 days to evaluate Fidelity’s Bitcoin ETF application.

Back in April, the SEC postponed its decision on the VanEck Bitcoin ETF application until June.

CBOE’s filing also puts Fidelity’s application among a list of Bitcoin ETF hopefuls apart from VanEck that include WisdomTree and SkyBridge Capital.

Mike Novogratz’s Galaxy Digital has also submitted a Bitcoin ETF application with the SEC, with the NYSE Arca listed as the exchange partner.

The company, via its subsidiary, also launched a BTC ETF product in Canada back in March. Indeed, Canada has become a Bitcoin ETF trading hub in North America amid a raft of approval by securities regulators in the country.

Meanwhile, Bitcoin ETF hopefuls in the U.S. are keen to see the SEC under Gary Gensler’s charge approve an ETF product for the largest cryptocurrency by market capitalization.

However, recent comments by the SEC commissioner might indicate that such an outcome is not yet possible. Speaking earlier in May, Gensler called for greater investor protection in the crypto market.

Under Jay Clayton — the immediate past SEC chair — the commission regularly identified volatility, price manipulation, and investor protection concerns as reasons for not approving any Bitcoin ETF application.