- Cathie Wood, the star stock picker and Ark Invest CEO, is increasingly confident that U.S. regulators will approve a Bitcoin exchange-traded fund (ETF) after years of rejections.
- Ark Invest has been in communication with the SEC regarding its Bitcoin ETF application, signaling a change in behavior that suggests the likelihood of approval.
- Wood believes there is growing hope that one or more Bitcoin ETFs will receive approval, potentially simultaneously.
Star stock picker Cathie Wood expressed growing confidence that U.S. regulators will finally approve a Bitcoin ETF after years of rejections.
In a recent interview, the Ark Invest CEO revealed her firm has been engaged in communications with the SEC regarding Ark’s spot Bitcoin ETF application. Wood views this as a change in behavior signaling the likelihood of approval.
“I do think hopes are rising that one or a number of Bitcoin ETFs will be approved,” Wood commented. She believes multiple ETFs could get approved simultaneously after the SEC unsuccessfully fought to block them in court.
The SEC must now follow the court mandate requiring reconsideration of ETF rejections. With the agency choosing not to appeal, most anticipate approvals by year-end, given upcoming application deadlines.
Ark Invest filed for a Bitcoin ETF in June
Ark filed for a Bitcoin ETF in June and hopes to gain a first-mover advantage with a January deadline looming. Other asset managers, like Fidelity and Galaxy Digital also await SEC decisions on spot crypto ETFs.
An approval would allow mainstream public stock market investors to gain direct Bitcoin exposure via brokerage accounts for the first time. This is expected to drive significant new cryptocurrency inflows.
With momentum clearly shifting in favor of approval, Bitcoin ETF issuers appear poised to unleash the long-awaited investing vehicle. However, the opaque SEC approval process carries risks of delays or disappointment. But Wood’s comments signal newly favorable tailwinds.
