Cathie Wood & 21Shares Team Up To Unveil New Bitcoin ETF On Hopes Of SEC Approval

Crypto News: 21Shares, an industry titan in offering crypto exchange-traded products, has teamed up with Cathie Wood’s ARK Investment Management, to resubmit an application for a spot-Bitcoin ETF. The announcement highlights that such a fund would provide US investors with greater security measures that are currently not available in the market.

21Shares & Cathie Wood Launch Bitcoin ETF

According to a Bloomberg report, a previously filed ETF called “ARK 21Shares Bitcoin” (ARKB) that mirrors Bitcoin’s price as determined by the S&P Bitcoin Index is being brought back to life by 21Shares. The application comes at a time when there is widespread opposition to such funds from the US regulatory community. Both of 21Shares’ applications for the product, the first one in 2021 and the second one in May of this year, were among the dozens of applications that were denied by the United States Securities and Exchange Commission.

According to Hany Rashwan, the chief executive officer & co-founder of 21Shares, the distinctive selling point of their Bitcoin ETF is of the utmost importance given to “investor protection through and through.” While speaking about the new partnership and its recent Bitcoin ETF launch, Rashwan was quoted as saying:

American investors have been hurt by crypto scams that are primarily international and especially because there aren’t available, easy, regulated options at home.

“We have seen greater demand from American investors for American-built products, especially over the past few months with bank failures and especially over the last year with international crypto blowups”, Rashwan further added.

Fighting SEC’s Anti-Crypto Stance

Despite the fact that regulators in the United States and elsewhere are beginning to pay closer attention to the digital assets industry, the filing arrives at a time when cryptocurrencies have witnessed a significant uptick after recovering from a gruesome 2022. Additionally, some market participants allege that virtual currencies can act as a safe haven to store money instead of having it with traditional banks.

In other news, Grayscale Investments is considering turning its Bitcoin trust into an exchange-traded fund. Following oral arguments in the case, reports have surfaced that the business’s chances of conversion have increased, which is part of the reason why the corporation sued the SEC a few months back in order to get court approval.

On Sunday, the price of Bitcoin dipped below $27,000 for a short period of time as the broader crypto market continued its decline for five consecutive days. In light of this crypto news, Bitcoin’s price is currently exchanging hands at $27,356.83 which represents a gain of 0.10% over the past 24 hours in comparison to a loss of 9.39% recorded over the past seven days.