Bitcoin ETF Race Heats Up as ARK Invest Adds Surveillance Agreement

• ARK Invest and 21Shares have filed a third application for a Bitcoin ETF with the US Securities and Exchange Commission.
• The filing includes a surveillance sharing agreement with the Chicago Mercantile Exchange (CME) futures markets and crypto exchange, most likely Coinbase.
• Bloomberg Intelligence ETF analyst James Seyffart confirmed that ARK’s request is the front-runner for a Bitcoin ETF.

ARK Invest Files 3rd Application For Spot Bitcoin ETF

ARK Investment Management has amended its spot Bitcoin (BTC) exchange-traded fund (ETF) application with the United States Securities and Exchange Commission, making it similar to BlackRock’s recent filing.

Surveillance Agreement With CME & Coinbase

The amendments include a surveillance sharing agreement with the Chicago Mercantile Exchange (CME) futures markets and crypto exchange, most “likely Coinbase,” said Bloomberg ETF analyst Eric Balchunas on Twitter.

Potential To Be Approved First

In the race for the first Bitcoin ETF in the United States, ARK’s filing update puts it ahead of its competitors.

Confirmation From Bloomberg Intelligence Analyst

Speaking in a recent interview, Bloomberg Intelligence ETF analyst James Seyffart confirmed that ARK’s request is the front-runner for a Bitcoin ETF.

Appointing Crypto Exchange For Surveillance-Sharing Agreement

Even if ARK receives approval in the coming weeks, the BTC ETF saga may not be over, as it still needs to appoint a crypto exchange to enter into a surveillance-sharing agreement. Although Coinbase may be a strong candidate for this position, the company has already partnered with BlackRock to become a Bitcoin custodian should approval be granted.