ARK Invest has made amendments to its Bitcoin spot ETF application as it races for approval from the US Securities and Exchange Commission (SEC). The move comes after BlackRock’s attempt to secure approval for a Bitcoin spot ETF sparked institutional interest in the product. The SEC has expressed concerns about market manipulation and the need for surveillance-sharing agreements. BlackRock’s application caused a significant rally in the cryptocurrency market, with Bitcoin’s value soaring over 21%. A survey showed that 96% of professional investors expressed interest in investing in crypto. Critics are skeptical about BlackRock’s chances of approval, but its move reflects increasing demand for Bitcoin exposure among its clientele.

AI Sentiment: Neutral