Eric Balchunas, a senior ETF analyst at Bloomberg, stated on social media that ARK had just submitted an updated prospectus for its Bitcoin spot ETF. A few weeks ago, the SEC sent an email to the issuer with comments and questions about the S-1 form. It is likely that ARK has responded to these issues in this submission. Balchunas specifically pointed out some changes in the new prospectus, such as the NAV calculation not complying with GAAP accounting principles, and the description of how assets are stored independently in "wallets" without being mixed with other client assets. Balchunas believes that this means that ARK has responded to all of the SEC's comments and has once again handed decision-making power back to the SEC. He stated that while approval may not come immediately, this "back-and-forth communication" with the SEC is a very positive signal.