The application for a spot #bitcoin ETF by BlackRock earlier this month might mark a "significant turning point in bitcoin's path to institutional acceptance," according to a letter sent by #Ark Invest on Monday.

"BlackRock's decision to file for a Bitcoin ETF signals that large institutional players are positive on the long-term outlook for the digital asset," stated Ark analyst Yassine Elmandjra.

Other asset managers planning to start their own spot bitcoin funds, such as #Invesco , #WisdomTree , and #Valkyrie , have followed BlackRock's June 15 application. On April 25, Ark submitted a similar fund application with 21 Shares.