The post ARK Investment Submits Revised Bitcoin Spot ETF Prospectus appeared on BitcoinEthereumNews.com.

ARK Investment Management LLC presents an updated version of their Bitcoin spot ETF prospectus. The platform addressed various concerns highlighted by the SEC. Highlighting the SEC’s concern on Net Asset Value (NAV), ARK Invest stated that NAV calculation does not comply with GAAP. American asset management company ARK Investment Management LLC submitted an amendment to the Securities and Exchange Commission (SEC), flagging the potential Bitcoin spot ETF approval. According to a recent post on X (formerly Twitter) by Eric Balchunas, the Senior ETF Analyst at Bloomberg, the firm has presented a substantial update to its spot bitcoin ETF prospectus, addressing various topics that the regulators previously asked the ETF issuers to talk about. ARK has just filed an updated version of its spot bitcoin ETF prospectus. The SEC emailed issuers a few wks ago with comments/qs about their S-1 that they wanted addressed so is very poss ARK has answered all that in this filing. We looking thru it now.. pic.twitter.com/AlwTt82WU0 — Eric Balchunas (@EricBalchunas) October 11, 2023 Primarily, ARK Investment acknowledged the SEC’s comments on the Net Asset Value (NAV) calculations, alleging that the Net Asset Value calculation does not comply with the Generally Accepted Accounting Principles (GAAP). The statement read, Determining the value of Trust’s bitcoin using the Index is not in accordance with U.S. generally accepted accounting principles (“GAAP”), and therefore is not used in the Trust’s financial statements. The Trust’s bitcoins are carried, for financial statement purposes, at fair value, as required by GAAP. ARK Investment’s amendment also shed light on the fact that the Trust’s assets with the Custodian wouldn’t co-mingle with the customer assets as the former is stored in “segregated accounts on the Bitcoin blockchain” or, in other terms, the “wallets.” Notably, these revisions in the updated version of the Bitcoin ETF proposal…

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Filed under: News - @ October 12, 2023 2:10 pm