ARK Invest and 21Shares are making a third attempt to obtain approval for a spot Bitcoin exchange-traded fund (ETF) in the US. On April 25, the two companies submitted a request to the US Securities and Exchange Commission (SEC) for the creation of the product, despite two prior rejections. A spot Bitcoin ETF would give investors indirect exposure to the cryptocurrency by tracking its real-time price without holding Bitcoin. The SEC has so far only approved Bitcoin Futures ETFs, citing concerns over fraud and manipulation.
However, Bloomberg ETF analysts believe a spot Bitcoin ETF could become a reality in the US this year. Digital Currency Group is also seeking to convert its flagship Grayscale Bitcoin Investment Trust into a spot Bitcoin ETF and has sued the SEC for rejecting its proposal.
