Cathie Wood, the founder and CEO of ARK Investment Management, has recently shared her optimistic outlook on the approval of Bitcoin Exchange-Traded Funds (Bitcoin ETFs). According to Wood, multiple Bitcoin ETFs could be approved by January 10, 2024, according to an interview with CNBC.
ARK Invest, under Wood’s leadership, has a pending spot Bitcoin ETF filing with the U.S. Securities and Exchange Commission (SEC). The firm is reportedly first in line for approval. Wood’s prediction is based on the fact that the SEC is willing to move forward by asking questions about the filing instead of outright rejecting it.
In a recent conversation, Cathie Wood expressed her positive sentiments regarding the discussions with the SEC about the spot Bitcoin ETF. She conveyed an optimistic perspective about the possibility of the inaugural spot Bitcoin ETF or multiple ETFs receiving approval by January 10. Wood believes that this is a significant step forward that has resulted in productive exchanges with the SEC. She is confident about the prospects of a spot Bitcoin ETF and anticipates its approval in January.
The Impact of Bitcoin ETFs on Institutional Investment
Cathie Wood’s firm, ARK Invest, is among the 14 entities that have submitted applications for a spot Bitcoin ETF to the U.S. Securities and Exchange Commission. The spot Bitcoin ETF proposed by ARK, known as the ARK 21Shares Bitcoin ETF, has been formulated in partnership with 21Shares, a provider of crypto exchange-traded products based in Europe.
Upon approval, a spot Bitcoin ETF is anticipated to be one of the most straightforward methods for institutions to acquire BTC. This would enable them to dedicate a minor fraction of their trillions of dollars in assets to Bitcoin, according to ARK’s CEO. Wood suggests that a considerable shift in the Bitcoin price could be observed if institutional investors allocated a minimum of 0.1% or 0.2% of their assets to Bitcoin, which has a max supply of 21 million.
The price of Bitcoin is holding steady at approximately $43,000, reflecting a 1.30% rise in the past 24 hours. Market participants, including traders and investors, are anticipating potential profit opportunities in 2024. This anticipation is particularly heightened due to the expected occurrence of the Bitcoin Halving event in the second quarter of the year.