On April 25, 2023, Cboe BZX Exchange, Inc. (“BZX” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)1 and Rule 19b-4 thereunder,2 a proposed rule change to list and trade shares of the ARK 21Shares Bitcoin ETF under BZX Rule 14.11(e)(4), Commodity- Based Trust Shares. The proposed rule change was published for comment in the Federal Register on May 15, 2023.3 On June 15, 2023, pursuant to Section 19(b)(2) of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, ... (full story)

The U.S. Securities and Exchange Commission (SEC) extended its review of the Ark 21Shares bitcoin exchange-traded fund (ETF) application, as it continues to look at applications from traditional finance heavyweights like BlackRock and Fidelity. Ark Investment Management and 21Shares, which have been seeking an ETF approval since 2021, filed for the first potential bitcoin ETF application again earlier this year after a second effort was rebuffed by the SEC. The SEC has traditionally rejected spot bitcoin ETF products on grounds of potential market manipulation and inadequate consumer protections against harmful ... (full story)