ARK submits updated prospectus for Bitcoin spot ETF

ChainCatcher news, Bloomberg senior ETF analyst Eric Balchunas stated on social media that ARK has just submitted an updated prospectus for its Bitcoin spot ETF. A few weeks ago, the SEC sent an email to the issuer raising comments and questions regarding the S-1 form. It is likely that ARK has addressed these issues in this submission.

Some changes in ARK's new prospectus include that the NAV calculation does not comply with GAAP accounting principles, as well as a description of how assets are independently stored in a "wallet" without being mixed with other client assets. Balchunas believes this indicates that ARK has responded to all of the SEC's comments and has once again returned the decision-making power to the SEC. He noted that while approval may not come immediately, this kind of "back-and-forth communication" with the SEC is a very positive sign.