ARK Invest’s Spot Bitcoin ETF: The Wild Goose Chase of Listings

The Rumors That Started It All

On October 25, social media erupted with wild claims that ARK Invest and 21Shares’ spot Bitcoin exchange-traded fund (ETF) had finally made its debut on the Depository Trust and Clearing Corporation’s (DTCC) website. High-profile crypto accounts, like Mike Alfred and Bitcoin News, flooded the platform with screenshots, proclaiming victory. However, if you squinted closely, the tickers shown were not for the much-anticipated spot ETF but for futures products. Talk about a classic case of misinformation!

What the Scripture Says: DTCC’s Actual Listings

Despite the hype, a careful examination of the DTCC website reveals that as of October 25, there is no listing under the ticker ‘ARKB,’ which was promised as the trading identifier for this digital gold investment. Instead, the listings included tickers like ‘ARKA’ for the ARK 21Shares Active Bitcoin Futures ETF. So, if you were hoping to hop on the ARK train, it looks like it’s still at the station.

A Closer Look at the Tickers

• ARKA: Represents the ARK 21Shares Active Bitcoin Futures ETF (pending approval).
• ARKY: Refers to the ARK 21Shares Active Ethereum Futures ETF, also still proposed.
• ARKZ: This one’s for the ARK 21Shares Active Bitcoin Ethereum Strategy ETF, hanging in regulatory limbo.

Clearly, anyone hoping to cash in on a shiny new Bitcoin ETF is going to need to temper their enthusiasm — or at least wait for the right ticker.

And Then There’s BlackRock

Meanwhile, the excitement over BlackRock’s iShares spot Bitcoin ETF (IBTC) listing seemed to have set off a mini-rally in Bitcoin prices, which soared by 14% amidst the buzz. In an interesting twist, a DTCC spokesperson clarified that IBTC had actually been on their website since August. So, in the world of ETFs, anticipation sometimes stretches far beyond reality.

No Guarantees, Just Listings

It’s also worth noting that just because a product is listed doesn’t mean it’s hitting the market anytime soon. The DTCC spokesperson explained that their practice of adding securities to the NSCC security eligibility file is all about preparing for future ETF launches, not a guarantee of SEC approval. So, if someone tells you ‘that’s a signal,’ just smile and nod while you check for the fine print.

Faith in the System: Analyst Perspectives

Amidst all this chaos, analysts like Bloomberg’s Eric Balchunas have been scrutinizing ARK’s paperwork, noting the recent amendment filed on October 24 appeared to be mostly cosmetic. Balchunas affirmed that it does not reveal any underlying issues or changes in the regulatory cat-and-mouse game. “I don’t see anything else to read into here,” he tweeted, which is probably a blessing since trying to find clarity in these filings is like trying to read tea leaves in a thunderstorm.

The Bottom Line: Patience and Prowess

So, while the quest for ARK Invest’s spot Bitcoin ETF continues to be a mix of anticipation and confusion, the takeaway is simple: be patient. As they say in the crypto world, when something seems too good to be true… well, you know the rest. Keep your eyes peeled for the real ARKB, because until then, it’s just another day in the world of cryptocurrency speculation.