Yello Paradisers! ARK Invest and 21Shares have made significant amendments to their joint spot Bitcoin exchange-traded fund (ETF) application. This move is widely interpreted as a promising sign of progress and potential upcoming approvals.

???? Details of the Revised Filing

The updated filing, submitted to the United States Securities and Exchange Commission (SEC) on October 11, delves deeper into the proposed spot Bitcoin ETF’s specifics. It outlines the procedures for how the fund will handle asset custody and how it will determine asset values.

???? Bloomberg Analysts Weigh In

Eric Balchunas, a senior ETF analyst at Bloomberg, opined that these changes might directly address the SEC’s earlier concerns. He remarked, “ARK has now responded to all of the SEC’s comments, effectively putting the ball back in the SEC’s court.” He also noted that the revised filing is more extensive, with changes “sprinkled throughout.”

???? Key Changes in the Filing

Among the notable modifications is ARK’s clarification that the fund’s net asset value (NAV) calculations don’t align with the Generally Accepted Accounting Principles (GAAP). Furthermore, the assets of the ETF, safeguarded by Coinbase Custody, are stored in “segregated accounts,” ensuring they aren’t mixed with other assets.

???? Industry Experts’ Take

James Seyffart, another Bloomberg ETF analyst, emphasized the importance of ARK’s communication with the SEC. He believes this is a positive sign for future approvals. Meanwhile, Scott Johnsson from Van Buren Capital pointed out a new addition in the filing related to Bitcoin’s potential misuse and environmental concerns, suggesting the SEC isn’t adding unnecessary hurdles.

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