ARK Invest CEO Cathie Wood expressed growing optimism about the approval of a Bitcoin spot exchange-traded fund (ETF) in the United States.
Wood stated that “the odds are rising” for such a decision, signaling a positive outlook for the future of cryptocurrency investment products.
ARK Invest, which recently announced its expansion into Europe by purchasing the UK-based ETF, had applied to US regulators in April to launch a spot bitcoin ETF in partnership with Switzerland-based 21Shares.
In his latest comments, Wood said, “We are partnering with 21Shares in the US in hopes of launching a bitcoin ETF if approved by the SEC. We think it is increasingly likely that it will be approved.”
Despite the regulatory issues that often accompany such ventures, Wood said he doesn't expect any major problems for ARK Invest as it tries to offer more crypto products in Europe. “My feeling is there won't be any problems, but we're working with our partners who are still talking to regulators about this,” Wood said.
With BlackRock also applying for a BTC ETF, cryptocurrency followers' optimism for spot ETF approval in the USA has increased recently. The SEC will make its decision to postpone, accept or reject on January 10.
*This is not investment advice.