Cathie Wood: spot Bitcoin ETF seen as ultimate endorsement for institutional investors
Cathie Wood believes the SEC’s decision on spot Bitcoin ETFs may significantly impact institutional crypto adoption. Wood views this imminent approval as a pivotal moment, suggesting that such approval could be the “final seal of approval” for institutions considering crypto invest ments. In collaboration with 21Shares, ARK Invest awaits a decision on their ARK 21Shares Bitcoin ETF (ARKB) proposal, with a ruling expected by Jan. 10. The SEC’s previous approval of Bitcoin futures ETFs in October 2021 was seen as a cautious yet progressive step despite concerns about counterparty risks compared to spot products backed by Bitcoin in cold storage. Most Bitcoin ETF proposals name Coinbase as the custodian, which adds a layer of security and legitimacy. A court victory in July by Grayscale Investments against the SEC further underscores the tension and evolving landscape. The court criticized the SEC’s decision to deny Grayscale’s Bitcoin ETF conversio...