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Cathie Wood’s Ark Invest has made significant updates to its spot Bitcoin ETF prospectus through a filing with the Securities and Exchange Commission. The asset management firm addressed earlier concerns highlighted by the SEC, which could be seen as a good sign of impending approval.

Ark Invest updated its spot Bitcoin ETF filing through an amendment submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday.

The amendment adds new information regarding its strategy to determine asset values and how it plans to provide custody of the fund’s underlying assets. While most in the crypto community are already anxious about the over a dozen spot ETF filings and the current review process by the SEC, the revisions to the Ark Invest submission could impact its success positively.

As noted by Bloomberg’s senior ETF analyst Eric Balchunas, the modifications are “sprinkled throughout” the application, adding five more pages to the original proposal.

The analyst is of the opinion that Ark Invest, which has been seeking ETF approval since 2021, has made the changes in response to major concerns the SEC has asked spot ETF applicants to address in previous comments regarding the investment vehicle.

“So what does this mean? It means ARK got the SEC’s comments and has dealt with them all, and now put the ball back in SEC’s court. IMO good sign, solid progress,” Balchunas said.

The new application further adds environmental concerns and the possible effects of illegal transactions, which have the potential to “adversely affect the Bitcoin industry and an investment in the Trust.”

Many industry pundits reckon that a spot Bitcoin ETF approval will trigger an influx of institutional capital into BTC, which could propel the price of the premier cryptocurrency to new highs. As such, ETF issuers are racing to have the first greenlight, expecting to capture most of the market share.

Alistair Milne, chief investment officer at Altana Digital Currency Fund, pointed out the contrast between the regulatory improvements and the ongoing market condition:

“ARK updates its ETF filing with minor edits and details, certainly following feedback from the SEC as it properly engages for the first time. The US Bitcoin ETFs are coming and BTC is below $30k. Unreal.”

Grayscale Investments — another firm that’s currently suing the SEC to get its spot filing approved — said in July that the regulator should greenlight several ETF applications simultaneously to avoid picking winners and losers.

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