The SEC is Close to Approving ETF from Ark Invest after a New Update to their spot Bitcoin ETF Application

• Ark Invest recently made an update to their spot Bitcoin ETF application. 
• It was to clarify their NAV for the Bitcoin ETF. 

The race for the approval of the spot Bitcoin ETFs continues. So, many financial companies are already having expectations of the SEC approving theirs. One of them is Ark Invest, who recently made an update to their spot BTC ETF application. 

Ark Invest Makes Update to Their Spot Bitcoin ETF Application

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• Ark Invest recently made some changes to their spot Bitcoin ETF application, and this could help them edge closer to approval. So, Ark Invest now has a reputation for having a massive interest in the crypto industry. Moreover, they are among the companies looking forward to the Securities and Exchange Commission approving their spot Bitcoin ETF application filing. 
• The new move from Ark Invest comes after the SEC hinted at streamlining the approval process of ETF applications. So, the recent update from this investment firm shows a proactive engagement between Ark Invest and the SEC. Furthermore, this indicates that Ark Invest is getting closer to the approval of their spot Bitcoin ETF. Eric Balchunas was the one sharing the update on Twitter (now X). So, he said that this investment firm made a filing of an updated version of their spot Bitcoin ETF application. Apparently, the SEC sent an email to the applicants requiring additional information on their S-1. So, this is exactly what Ark Invest updated in their latest filing. 

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ARK has just filed an updated version of its spot bitcoin ETF prospectus. The SEC emailed issuers a few wks ago with comments/qs about their S-1 that they wanted addressed so is very poss ARK has answered all that in this filing. We looking thru it now.. pic.twitter.com/AlwTt82WU0

— Eric Balchunas (@EricBalchunas) October 11, 2023

What is the New Update About? 

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• The new filing from Ark Invest reveals a lot of things regarding the spot Bitcoin ETF applications. So, the new filing from this investment firm revolves around the Net Asset Value (NAV) calculations. Before now, there were questions from experts regarding the plans of Ark Invest for the calculation of the NAV for the Bitcoin ETF. So, the new filing shows exactly how they plan to do so. 
• This investment firm won’t be using the Generally Accepted Accounting Principles (GAAP).  Furthermore, the new development from this firm shows how smoothly the process is going with the application. 

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A Step Closer For Ark Invest 

• This is a step closer for Ark Invest in its quest to receive approval from the Securities and Exchange Commission. So, Eric Balchunas, a Senior ETF analyst at Bloomberg, recently gave an analysis regarding this new development. 
• Balchunas predicts that it might take much longer for the SEC to approve the spot Bitcoin ETFs. So, his reason for saying this is that there are some small, not important details applicants will still need to iron out with the SEC. 

Conclusion 

Ark Invest recently made an update to their spot Bitcoin ETF application to the SEC. So, this new update was to make some clarification regarding the calculation of NAV for the Bitcoin ETF. The latest move from Ark Invest shows how meticulous and transparent they are with their spot Bitcoin ETF application.

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