ARK Invest has reportedly outpaced others, including BlackRock, in its bid for a spot Bitcoin ETF, having filed its application in collaboration with 21Shares well in advance. Spearheaded by renowned investor Cathie Wood, ARK Investment Management, a staunch Bitcoin advocate, seems to have taken the lead in the quest for a spot BTC ETF.

BlackRock’s application for a Bitcoin ETF in mid-June generated significant optimism in cryptocurrency circles. Despite several reports speculating that BlackRock might be the first to launch a Bitcoin spot ETF in the U.S., industry executives and analysts are suggesting otherwise.

ARK analyst Yassine Elmandjra stated that ARK, along with European asset manager 21Shares, filed their application for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC) back in April, placing them ahead in line compared to BlackRock. “Other applicants can adjust their filings similarly with minimal expense,” Elmandjra pointed out.

Leading industry commentators, including Bloomberg Intelligence ETF analyst James Seyffart, also asserted that ARK and 21Shares are better positioned for a spot Bitcoin ETF approval. Seyffart explained that the next decision date from the SEC for ARK, 21Shares, and the Chicago Board Options Exchange (Cboe) is scheduled for Aug. 13, 2023. Meanwhile, no date has been set for the remaining 19b-4 applications, including BlackRock’s.

BlackRock’s application for the iShares Bitcoin Trust has spurred a revival of Bitcoin ETF filings. Numerous companies, such as crypto fund manager Valkyrie, WisdomTree, and Invesco, have re-submitted their spot Bitcoin ETF applications, with Bitwise also reportedly revisiting its attempt at a BTC ETF.

The intriguing timing of BlackRock’s filing for a spot Bitcoin ETF has led to speculation that the firm might have insider knowledge about the SEC’s BTC ETF policies. Nevertheless, several experts are skeptical about the imminent launch of a spot Bitcoin ETF in the U.S. market.

Wilshire Phoenix partner Wade Guenther told Cointelegraph that the SEC is unlikely to approve a spot Bitcoin ETF in 2023, given the slow progress since the Winklevoss twins made their application in 2017. Guenther explained that the lack of substantial development since the initial filings implies that a spot Bitcoin ETF might not be available to the public until next year or potentially the year after.

In line with this, Nate Geraci, co-founder of the ETF Institute, previously forecasted that a spot Bitcoin ETF might not materialize in 2023.