##  [# Cathie Wood’s ARK, 21Shares Refile For Bitcoin ETF ](/sections/bitcoin-crypto/cathie-woods-ark-21shares-refile-bitcoin-etf) 

 

# Cathie Wood’s ARK, 21Shares Refile For Bitcoin ETF 

 

 

 The companies’ first attempt at a long-coveted spot cryptocurrency fund was rejected in March.



 

 

 

 

 [![DanMika200x200.jpg](/sites/default/files/styles/author_image_icon/public/2023-02/DanMika200x200.jpg?itok=W3yFiWn- "DanMika200x200.jpg")](/contributors/dan-mika) 

[By Dan Mika](/contributors/dan-mika)

 May 27, 2022

 Edited by: Dan Mika

 

 

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ARK Invest Management and 21Shares US have again filed to launch a spot bitcoin ETF in the U.S. after their first joint attempt was rejected earlier this year.

Earlier this week, the Securities and Exchange Commission [began proceedings](https://www.sec.gov/rules/sro/cboebzx/2022/34-94982.pdf) to review a rule change that would allow the ARK 21Shares Bitcoin ETF to list. The regulator has followed the same process in nine earlier rejections over the last 18 months.

That specific process can take around 10 months from submission to final decision based on how many review extensions the agency takes.

ARK and 21Shares first filed for a [spot bitcoin ETF](https://www.etf.com/sections/bitcoin-crypto/current-bitcoin-etf-filing-updates?nopaging=1) in late June 2021. That bid was [rejected](https://www.sec.gov/rules/sro/cboebzx/2022/34-94571.pdf) in March of this year. The SEC has broadly rejected spot cryptocurrency ETFs based on their filers’ intentions of using an average price from several large crypto exchanges rather than using the price from a regulated exchange. The latest filing intends to use the average prices from 14 exchanges via an index managed by S&amp;P Dow Jones Indices.

The new filing points to several unregulated currency and metals markets that underlie exchange-traded products such as the first several gold trusts, arguing those have set a precedent for crypto ETFs to be approved.

It also argues the surveillance the Chicago Mercantile Exchange does for its bitcoin futures market—and by extension the several bitcoin futures ETFs—can also fulfill the SEC’s demands for price manipulation resistance.

*Contact Dan Mika at* [*dan.mika@etf.com*](mailto:dan.mika@etf.com)*, and follow him on*[ *Twitter*](https://twitter.com/DanMikaTweets)



 

 

 [ Dan Mika ](/contributors/dan-mika) 

 

 

  Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in…   [View Bio](/contributors/dan-mika)

 



 

 


 Related Topics  [Bitcoin](http://www.etf.com/topics/bitcoin) 

 [Crypto](http://www.etf.com/topics/cryptocurrency)