21Shares, an industry titan in offering crypto exchange-traded products, has teamed up with Cathie Wood’s ARK Investment Management, to resubmit an application for a spot-Bitcoin ETF. The announcement highlights that such a fund would provide US investors with greater security measures that are currently not available in the market.

According to a Bloomberg report, a previously filed ETF called “ARK 21Shares Bitcoin” (ARKB) that mirrors Bitcoin’s price as determined by the S&P Bitcoin Index is being brought back to life by 21Shares. The application comes at a time when there is widespread opposition to such funds from the US regulatory community. Both of 21Shares’ applications for the product, the first one in 2021 and the second one in May of this year, were among the dozens of applications that were denied by the United States Securities and Exchange Commission.

According to Hany Rashwan, the chief executive officer & co-founder of 21Shares, the distinctive selling point of their Bitcoin ETF is of the utmost importance given to “investor protection through and through.” 

(By Pratik Bhuyan)