Bloomberg senior ETF analyst Eric Balchunas said in a tweet that ARK Invest submitted an updated version of its spot Bitcoin ETF prospectus. A few weeks ago, the SEC sent emails to issuers with comments/questions they wanted addressed regarding the S-1.
New additions include: Under the NAV calculation, the new prospectus mentions how the NAV calculation does not comply with GAAP accounting; the ETF’s assets in the custodian are kept in separate accounts on the Bitcoin blockchain , often referred to as a “wallet,” so they are not commingled with company or other customer assets.
Analysts said that the new S-1 document contains five new pages, which means that ARK received the SEC’s opinions and dealt with all of them seriously, which is a good sign.
