ARK 21Shares has submitted an updated Bitcoin ETF application. This development comes in the closing minutes of the SEC’s deadline of December 29, 2023. The community speculates that more applications may be processed to strengthen the chances of getting approved in the first stage.
The tentative confirmation date is January 10, 2024. Not all applications will be approved, as the Committee has offered the possibility of rejecting all or part of the application.
For ARK 21Shares, submitting an updated application a few hours before the final deadline will make it the fifth updated application. This amendment will likely be the final version of the application as we will no longer accept submissions after the December 29, 2023 deadline.
A number of amended applications have been submitted taking into account cash generation and in-kind generation claims. Although the SEC requires cryptocurrency companies to comply with cash generation, most participants are adamant about in-kind generation and only authorize them to support cryptocurrency redemptions. Some businesses have requested approval to better serve their customers.
Other cryptocurrency ventures that have bowed to the demands of the U.S. Securities and Exchange Commission include BlackRock, Fidelity Investments, and Valkyrie.
Another move making headlines is Cathie Wood selling her GBTC position in Grayscale Bitcoin Trust. Many questions were raised, including Wood saying she is likely bearish on Bitcoin. That’s highly unlikely since her company is in control. Bitcoin ETF approved Application.
Others are assuming that Catherin sold her GBTC position to gain more exposure to Bitcoin instead of GBTC. It’s also possible that she took this step to avoid making a bad impression on her investors, who may end up thinking it’s a bad idea for her to hold her competitor’s stock.
The only reasonable one of these assumptions is her intention to gain more exposure to the Bitcoin ETF instead of GBTC. The position can be clarified through a statement from an official representative.
In other words, the future outlook for Bitcoin largely depends on two factors. – Bitcoin ETF application approved and bitcoin halving. The token is currently trading at $42,537.20, down 1.08% over the last 24 hours and down 3.125% over the last 7 days. However, it has surged 11.42% over the past 30 days.
BTC is expected to surpass ATH by the end of 2024, setting the stage for reaching the milestone of $100,000.
In the graph, BTC’s movement influenced ETH. It is listed at $2,358.61, down 0.68% in the last 24 hours. As of December 27, 2023, it continues to trade with a value of over $2,300.