Ark Investment Management's Cathie Wood said a Tuesday hack of the U.S. Securities and Exchange Commission's social-media account on X likely won't delay any decision on approving a spot Bitcoin exchange-traded fund.
"It is not going to delay the arrival of a spot-Bitcoin ETF but, again, you never know," Wood said on Bloomberg's ETF IQ on Wednesday.
The SEC's X account was compromised by a fake post claiming that the agency had green lit plans for the products, fueling a brief surge in the price of the world's biggest cryptocurrency.
Minutes later, it was deleted and SEC Chair Gary Gensler posted via his own handle to say the post was unauthortized and there was no approval.
Wood spoke as a Wednesday deadline loomed for the SEC to rule on around a dozen applications for exchange-traded funds that directly hold Bitcoin.
The list includes BlackRock Inc. and Fidelity as well as Wood's ARK Investment, which filed to list its own Bitcoin ETF in conjunction with 21Shares.
Wood said approval of a spot Bitcoin ETF will be a "price-moving event" long-term, even if there is initial selling on the news, because it will pave the way for institutions to increase their exposure to the token.
She also noted that if approved and if the rollout is smooth, spot Bticoin funds may make it easier for other types of digital-asset ETFs to be approved down the line.
"This is true scarcity evolving here," she said, referring to Bitcoin's capped supply of 21 million tokens.
