On October 16, Cathie Wood, a well-known figure in the investment community, led Ark Invest to submit a preliminary prospectus to the SEC, announcing plans to launch four quarterly Bitcoin ETF products—ARK DIET Q1 to Q4. This sudden move immediately sparked strong reactions in both the TradFi and Crypto Assets markets. It is understood that these new products will be managed by the ARK ETF Trust; however, the trading codes have not yet been determined, and they are currently only in the initial filing stage, with the final approval for listing still awaiting the SEC's decision.

As a pioneer in the Crypto Assets ETF field, Ark Invest's choice to launch a quarterly product contains strategic considerations. The company has previously collaborated with 21Shares to issue an actively managed digital currency ETF, accumulating considerable industry experience. Analysts believe that segmenting the product by quarter may be to meet the needs of market participants with different investment cycles, while further lowering the threshold for ordinary investors to enter the Crypto Assets market. According to ARK's latest research report, the current Bitcoin fundamentals show significant strength: the mining difficulty in the third quarter reached an all-time high, and the holdings of ETFs and listed companies account for 12.2% of the total supply, indicating that institutional funds are continuously flowing into this field.
Cathie Wood has long been known for her optimistic stance on Bitcoin, having publicly stated that Bitcoin, as "the first layer blockchain technology that has never been successfully hacked," has the potential to become the infrastructure of the global monetary system. The timing of this intensive filing for quarterly ETFs is also quite subtle—coinciding with Bitcoin consolidating in the $110,000 price range, and at a critical moment where market supply density is close to 30%. The ARK research team points out that this highly concentrated state of chips usually signals that market volatility will increase, and a new round of clearly directional price trends may be on the horizon.
However, there remains uncertainty about whether these innovative products can be successfully implemented. Recently, the SEC has maintained a cautious stance regarding the approval of Crypto Assets ETFs, having postponed decisions on multi-asset ETFs multiple times, with particular focus on the adequacy of risk control measures and mechanisms to prevent market manipulation. Nevertheless, market analysts generally maintain an optimistic outlook, especially considering that ARK's previous participation in the Bitcoin spot ETF successfully attracted a large number of investors with a low fee rate of 0.21%. If this application is approved, it is likely to continue this low-cost strategy to attract more capital inflow.
From the perspective of industry development, ARK's move may accelerate the wave of innovation in Crypto Assets ETF products. Against the backdrop of traditional financial giants increasingly entering the crypto space, quarterly products are expected to become a new competitive focus in the market. If the SEC ultimately approves such products, it will not only provide investors with more flexible and diverse allocation tools but is also likely to promote Bitcoin's further integration into mainstream investment asset allocation systems, bringing broader development space and institutional funding support to the entire crypto market.