ARK Invest chief executive officer and founder Cathie Wood stated in a podcast with Bloomberg TV on Monday that if the U.S. Securities and Exchange Commission (SEC) were to approve Bitcoin spot ETFs, the regulator would authorize more than one simultaneously.
“I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” Wood stated.
Multiple ETFs Approval
The United States SEC has yet to approve a spot Bitcoin ETF, having thrown out all applications in the past. However, with the involvement of BlackRock and the addition of Coinbase as a surveillance partner, the SEC is under more pressure to sanction its first spot ETF.
In an earlier interview, Cathie Wood cited that ARK Invest was in pole position to grab the first spot Bitcoin ETF, as the current deadline for the US top regulator to approve, delay, or decline its application is a few days away. However, the investment management firm’s CEO suggested that the SEC would likely extend the deadline.
Wood also stated that if the SEC decides to approve a spot Bitcoin ETF, it will authorize multiple, if not all, applications at once. Asset managers like Fidelity and Wisdom Tree, having amended their applications, are now waiting for the US regulator to make a decision.
Similar Thoughts
James Seyffart, an ETF analyst at Bloomberg Intelligence, consented to ARK Invest’s Cathie Wood’s view. In a tweet, Seyffart stated that the path of least resistance would be for the SEC to approve all eight spot ETF filings.
“Today on BloombergTV, Cathie Wood agreed with our assessment that if spot Bitcoin ETFs are approved by the SEC, it will be multiple at the same time,” Seyffart tweeted.
Grayscale’s case with the SEC would also play a huge role in whether the regulator would accept or decline other applications. A Grayscale win will almost leave the SEC with no option but to approve other spot Bitcoin ETFs, Seyffart insinuated.
