Cathie Wood Predicts Multiple Bitcoin ETF Approvals by SEC

By Nicolo Finazzi

Nicolo Finazzi

2 Min

August 9, 2023

Cathie Wood predicts the SEC could approve multiple Bitcoin ETFs simultaneously.
Wood's revised perspective contrasts with earlier claim of ARK being first in line for approval.
Growing industry optimism surrounds the approval of ETFs, backed by major players like BlackRock.

Cathie Wood, the CEO of ARK Invest, has shifted her stance on the potential approval of spot-Bitcoin ETFs by the US Securities and Exchange Commission (SEC). In a recent interview with Bloomberg, Wood stated that she believes the SEC could approve several Bitcoin ETFs at the same time. This is contrary to her previous claim that her firm would be the first to receive approval.

“I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once.”
- Cathie Woods, CEO of Ark Invest to Bloomberg TV

ARK Invest had initially positioned itself as a frontrunner for the ETF approval due to its early application in June. However, Wood's new perspective suggests a more inclusive approach to approvals. She now believes the involvement of multiple firms in applying for similar spot-Bitcoin ETFs could lead to multiple approvals simultaneously. Popular filing firms include BlackRock, Fidelity, WisdomTree, VanEck, and Invesco.

The current Bitcoin ETF situation

Woods' prediction aligns with growing optimism within the cryptocurrency industry regarding the approval of spot-Bitcoin ETFs. Not only many companies are filing for these ETFs, but also many prominent personalities agree on a positive outcome. Mike Novogratz, CEO of Galaxy Digital, also shared confidence during an earnings conference call. He stated that it's a matter of "when", not "if", one of the pending applications will receive SEC approval.

According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months" -- Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI
— Eric Balchunas (@EricBalchunas) August 8, 2023

While the SEC has historically been hesitant to approve such ETFs, the involvement of prominent players like BlackRock has increased hopes for a favorable outcome. The approval of spot-Bitcoin ETFs could potentially attract over $50 billion in demand, transforming the cryptocurrency investment landscape.

To know more about these topics, read the following articles: