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Cathie Wood: SEC may ‘approve more than one Bitcoin ETFs at once’

The U.S. SEC will likely delay ruling on application for a Spot Bitcoin ETF that Ark Invest registered on May 15, says Cathie Wood.

Highlights from Wood’s interview with Bloomberg

Current deadline for the financial regulator to announce its decision on the said filing is August 13. But the famed investor anticipates that the Securities and Exchange Commission will extend that deadline.

Speaking with Bloomberg this morning, the Founder and Chief Executive of Ark Invest also alluded to the possibility that the U.S. SEC may approve a bunch of Bitcoin ETFs at once.

I think SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once. Most of these will be same, and it’ll come down to marketing and communicating the message.

Other than her investment management firm, eight others, including BlackRock Inc, have so far filed for such an exchange-traded fund.

Wood is significantly invested in Grayscale Bitcoin Trust

A Bitcoin ETF has been the front and centre of all crypto-related debates in recent months.

In fact, the possibility of one that may make it more convenient to gain exposure to BTC has largely contributed to the 80% year-to-date rally in Bitcoin. Wood also said on Monday:

We’ve been putting out our Bitcoin monthly for the last year. We’re now starting a Bitcoin brainstorming session. We’re trying to get the word out there that our research is deep.

Note that the third largest holding in her Ark Next Generation Internet ETF at writing is Grayscale Bitcoin Trust. Wood refrained from commenting, though, on what she plans on doing with her investment in GBTC if a Spot Bitcoin ETF gets a nod from the financial regulator.

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 8/8/2023

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