Cathie Wood says ‘hopes are rising’ for spot Bitcoin ETF; Larry Fink addresses role of crypto in restless markets News ▸ US ▸ Investments
Cathie Wood says ‘hopes are rising’ for spot Bitcoin ETF; Larry Fink addresses role of crypto in restless markets
The CEOs of ARK Invest and BlackRock shared their insights on the current state of Bitcoin ETF applications and current market dynamics.
2 min read
Updated: Oct. 17, 2023 at 1:02 am UTC
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Cathie Wood, the CEO and CIO of ARK Invest, commented on pending spot Bitcoin ETF applications during a CNBC interview on Oct. 16.
As ARK Invest is one of several asset managers pursuing a spot Bitcoin ETF, Wood began by describing the current state of her company’s application, stating:
“It was publicized and disclosed last week that we had responded to the SEC’s request for information around our Bitcoin filing, and we responded. That’s basically all we can say.”
The U.S. Securities and Exchange Commission (SEC) published initial requests for comments on select spot Bitcoin ETF applications in late September. Though ARK Invest was not one of the firms that initially received a request from the agency, it nevertheless responded by updating its application on Oct. 11.
During the current interview, Wood suggested that the SEC’s questions indicate that the agency’s stance toward spot Bitcoin ETFs is changing. She added that the SEC’s decision to seek information could signify that “hopes are rising” for spot Bitcoin ETFs.
When the interviewer suggested that many commentators believe a spot Bitcoin ETF could be approved by the end of the year, Wood suggested that this could be due to ARK’s own approval deadline. The SEC must reach a decision on ARK’s proposal by Jan. 10, 2024. Though ARK’s application is first in line, Wood noted that multiple ETFs could be approved at once — echoing one of her earlier statements from August.
BlackRock CEO didn’t hear approval rumor
Wood’s comments followed a few hours of frantic trading after rumors circulated on social media that the SEC had approved BlackRock’s spot Bitcoin ETF application; those rumors, however, were unfounded.
BlackRock CEO Larry Fink appeared later in the day on Fox Business, saying in an interview that he had “only heard [about] it an hour ago,” implying that he was unfamiliar with the rumor. In the same interview, however, he expressed the view that today’s rally was likely primed by markets’ growing interest in a “flight to quality” among growing geopolitical tensions connected to Hamas’ war against Israel.
Crypto, Fink said, alongside Treasuries and gold, may appeal to investors as for this reason.
The SEC has not issued any updates on spot Bitcoin ETF approvals, and individual members of the SEC have not commented on the BlackRock approval rumor.
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Cathie registered ARK Investment Management LLC (“ARK”) as an investment adviser with the U.S.