The SEC has once again rejected a proposal to list the ARK 21 Shares Bitcoin ETF on equities exchange Cboe BZX, according to Jan. 26 statement from the SEC. The SEC rejected a similar proposal in April, 2022.
The SEC has just now once again rejected ARK’s and 21Shares spot bitcoin, $BTC ETF listing.
— unusual_whales (@unusual_whales) January 26, 2023
The proposed ETF would have been managed jointly by Cathie Wood’s Ark Investment Management and 21Shares if it had been approved. The purpose of the proposed fund was to allow investors to gain exposure to Bitcoin’s price within the confines of the regulated stock market.
The Cboe BZX Exchange had originally asked to list the ETF in June, 2021. After the first application was rejected in 2022, it reapplied and made new legal arguments in an attempt to get the fund approved.
In its second application back in May 2022, the Cboe BZX Equities Exchange argued that it has a “comprehensive surveillance-sharing agreement with a regulated market of significant size” that can prevent manipulation of prices. The ARK 21Shares Bitcoin ETF…