21Shares and Ark will try yet again to get a spot bitcoin ETF approved

Ah, spring. The time of blooming daffodils, annoying allergies, a new baseball season and 21Shares teaming with Cathie Wood’s Ark Investment to try yet again to bring a spot Bitcoin exchange traded fund to life.

The crypto exchange traded products issuer and Ark have resurrected a prior filing for the ARK 21 Shares Bitcoin ETF, according to a Bloomberg News interview with 21 Shares chief executive and co-founder Hany Rashwan.

The filing comes on the heels of a recent run-up in bitcoin that saw the world’s largest cryptocurrency by market cap briefly eclipse the $30,000 plateau. It’s up 67% year-to-date. That rally, and a broader rally in other digital assets, came in the wake of the troubles at various regional lenders like Silicon Valley Bank and Signature Bank, which were shut down by federal regulators last month.

This most recent filing also comes after two previously failed attempts by 21Shares and Ark to register a spot bitcoin ETF, as well as numerous other applications that have been rejected by the Securities and Exchange Commission. U.S. regulators have recently shown a particular interest in clamping down on the crypto industry as whole, with numerous enforcement actions and suits from the SEC, the Commodity Futures Trading Commission and the Department of Justice.

Trying since 2021

The first attempt from 21Shares and Ark came back in 2021, while a second filing was made last May. The SEC rejected the most recent application in January and was taken to court last month by Grayscale, which is looking to convert its Bitcoin Trust into a spot ETF.

Rashwan told Bloomberg their proposed fund would offer protections for U.S. investors who want to access crypto products.

Source