The Latest Breaking News from ARK

The agency was forced into action after a landmark court victory by the crypto firm Grayscale and the arrival of major players like BlackRock and Fidelity.

The fee war in the Bitcoin ETF is expected since the SEC is anticipated to approve multiple applications simultaneously and issuer will offer the best fee to get the market share.

ARK 21 and VanEck's spot Bitcoin ETFs lead with a 0.25% fee, followed by Fidelity at 0.39%, Wisdom Tree at 0.50%, Invesco at 0.59%, Valkyrie at 0.80% and Hashdex at 0.90%.

Aside from industry experts sharing their forecasts on the possibility of the SEC approving or rejecting spot Bitcoin ETF proposals, the crypto community is also betting on it.

ARK Invest purchased over 105,000 shares of Tesla while simultaneously selling off COIN shares worth over $25 million Wednesday.

Dimon made headlines last month when he vocally criticized Bitcoin, the world's largest crypto asset by market capitalization, saying he would "close down" BTC if he was the one running the U.S. government as the crypto asset, along with other cryptocurrencies, is used by criminals.

Last week, it was reported that the SEC met with hopeful spot Bitcoin ETF issuers to iron out details of their filings and inform them of a deadline for submitting amended proposals on Dec. 29.

Half of the proceeds from ARK Invest's GBTC sale, approximately worth $100 million, were used to purchase the BITO Bitcoin Futures ETF.

Like BlackRock and ARK, Grayscale also initially said it would use the in-kind creation and redemption model on its spot Bitcoin ETF. But as Wall Street giants ironed out details with the regulator – probably looking to be a part of the first wave of applications to be approved by…

Over the past few weeks, several companies, including Blackrock and ARK, amended their S-1 registration with the SEC, to make it to the supposed first batch of approved spot Bitcoin ETF issuers.

The major Wall Street regulator has reportedly instructed spot Bitcoin ETF applicants to amend their filings and use the cash creation and redemption model.