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Cathie Wood, the CEO of influential innovation investor ARK Invest, has voiced new optimism regarding the potential approval of a Bitcoin spot ETF in the United States, stating that the “odds are going up” for such a decision.
Her comments come amid ongoing efforts by multiple entities to launch a Bitcoin ETF in the U.S., including by incumbents like Fidelity and BlackRock, a development that signals growing interest in providing investors with easier access to crypto.
The path to approving a Bitcoin spot ETF in the U.S. has been marked by a series of applications, delays, and discussions with the SEC. While several proposals have been filed by prominent financial firms like VanEck and Fidelity, the SEC has delayed its decisions on these applications.
Yet, Wood was overall optimistic in her new remarks, according to Financial News.
“We are partnering with [21Shares] in the US, hoping to launch a bitcoin ETF, if it’s ever approved by the SEC. We think the odds are going up that it will be approved,” Wood is quoted as saying.
In the absence of a spot ETF, investors have turned to Bitcoin futures ETFs, which have already been approved and are live in the U.S. These ETFs offer exposure to Bitcoin’s price movements by investing in futures contracts traded on regulated exchanges.
However, the distinction between spot and futures-based ETFs is significant. Bitcoin spot ETFs provide direct ownership of the underlying asset, Bitcoin itself, whereas Bitcoin futures ETFs involve contracts based on Bitcoin’s future price, potentially introducing additional complexities and risks.
Yet, while the U.S. grapples with the approval of spot Bitcoin ETFs, other countries, such as Canada, have already approved and launched similar products.
As reported, Wood said she did not anticipate any problems for Ark Invest as it seeks to roll out more crypto products in Europe.
“My sense is there won’t be any issue. But we are still working through this with our partners who are speaking with regulators,” Wood remarked.
As discussions and deliberations continue between financial firms, regulators, and the SEC, the crypto community will be closely monitoring developments in the hope that a Bitcoin spot ETF approval may be on the horizon.
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