This week’s Crypto Biz explores ARK Invest’s partnership with 21Shares, Galaxy Digital’s tokenized loan for Animoca Brands, Avail’s fundraising, the Toposware acquisition, and Bitcoin miners’ first reports since the halving.
In a sudden decision, investment firm 21Shares submitted a filing to the Securities and Exchange Commission in the late afternoon of Friday, May 31, to rename its proposed spot Ether (ETH) exchange-traded fund (ETF) and to remove ARK Invest from the application.
A spokesperson for ARK Invest later confirmed the firm decided not to move forward with the crypto product, citing a need to reassess its investment strategy. The move raised concerns among the crypto community concerning the short-term viability of the newly approved ETFs.
During an interview on June 5, United States Securities and Exchange Commission (SEC) Chair Gary Gensler suggested a delay in final approvals for asset managers. ETFs will “take some time,” said Gensler. The SEC has yet to sign off on S-1 registration statements from applicants.