ARK Investment leads the race for US Bitcoin ETF approval

ARK Investment Management has updated its application for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission. The new application is similar to a recent one from BlackRock and includes a surveillance sharing agreement with the Chicago Mercantile Exchange and a likely crypto exchange, possibly Coinbase, according to Bloomberg analyst Eric Balchunas.

ARK’s updated application places it ahead in the competition for the first Bitcoin ETF in the U.S. ARK, led by Cathie Wood, and European asset manager 21Shares had two previous applications denied in 2021 and 2022.

Bloomberg analyst James Seyffart confirmed ARK's updated request is leading for a Bitcoin ETF approval.The next decision from the Securities and Exchange Commission is expected on Aug. 13, 2023.

However, even if ARK’s ETF is approved, the company must still partner with a crypto exchange for a surveillance-sharing agreement. Coinbase, which is partnering with BlackRock, could be a strong candidate. But there's a question if BlackRock would let Coinbase partner with another company that could potentially beat them in the market.

On June 16, BlackRock applied for a Bitcoin ETF, sparking other companies to do the same. Valkyrie, WisdomTree, and Invesco have also refiled for Bitcoin ETFs recently.