8-K: ARK 21Shares Bitcoin ETF Adopts New Benchmark, Adjusts Sponsor Fee Payment

ARK 21Shares Bitcoin ETF announces a new benchmark licensing agreement with FTSE International Limited and an amendment to its sponsor agreement regarding fee payment timing.

Summary

• The ARK 21Shares Bitcoin ETF (ARKB) has entered into a new Benchmark Licensing Agreement with FTSE International Limited, effective August 27, 2026.
• This agreement allows the Trust and its affiliates to use the FTSE Bitcoin Index as the Pricing Benchmark, replacing the CME CF Bitcoin Reference Rate New York Variant.
• The Trust's shares will be valued and its net asset value calculated using the FTSE Bitcoin Index starting August 27, 2026.
• An amendment to the Sponsor Agreement changes the payment timing of the Sponsor Fee from weekly in arrears to at least quarterly in arrears, payable in bitcoin.
• These changes are reflected in a Second Amended and Restated Trust Agreement, which also includes various other ministerial, technical, conforming, and clarifying revisions.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive development, indicating proactive management in adapting to new benchmarks and optimizing operational terms.

Positives

• Secures a new, reputable benchmark provider (FTSE International Limited) for the Trust's Net Asset Value (NAV) calculations.
• The new benchmark is expected to be used starting August 27, 2026, ensuring continuity in valuation.
• Adjusts the Sponsor Fee payment schedule to at least quarterly in arrears, potentially improving cash flow management for the Trust.
• The Sponsor Fee payment in bitcoin remains, aligning with the Trust's underlying asset.
• The Trust Agreement amendments are described as ministerial, technical, conforming, and clarifying, suggesting no material negative impact on shareholders.

Negatives

• The termination of the previous licensing agreement with CF Benchmarks Ltd. is noted, though the reason is not detailed beyond it being a notice of termination.
• While the Sponsor Fee payment is now quarterly, the exact percentage of the fee remains to be determined by the Sponsor.

Risks

• Potential for adverse tax consequences if the new benchmark or changes in the Trust Agreement are not compliant with tax laws.
• The Sponsor has the right to change the Sponsor Fee percentage, which could impact the Trust's expenses.
• The agreement with FTSE is for an initial one-year term, with automatic renewal, but termination clauses exist.

Future Outlook

The Trust will now use the FTSE Bitcoin Index for valuation and NAV calculation starting August 27, 2026. The Sponsor Fee payment terms have been adjusted to at least quarterly in arrears. The Trust Agreement has been updated to reflect these and other minor changes.

Management Comments

• The Sponsor (21Shares US LLC) entered into a licensing agreement with FTSE International Limited.
• The Trust entered into Amendment No. 1 to the Sponsor Agreement to change the timing of payment of the Sponsor Fee.
• The Sponsor and Trustee entered into a Second Amended and Restated Trust Agreement to reflect the Trusts use of the FTSE Bitcoin Index, the change in Sponsor Fee payment timing, and other revisions.

Industry Context

StockSavvy.ai notes that the shift to a new benchmark provider is a common occurrence in the evolving digital asset ETF landscape, driven by the need for reliable and reputable pricing sources. Adjusting operational terms like fee payment schedules is also typical as funds mature and seek greater efficiency.

Corporate Governance

Related Party Transactions

• The Sponsor Agreement amendment details changes to the Sponsor Fee payment terms between the Trust and its Sponsor, 21Shares US LLC.

Stakeholder Impact

• Shareholders will experience a change in the benchmark used for NAV calculation, which is expected to be a reputable provider.
• The change in Sponsor Fee payment timing to at least quarterly may offer minor benefits in cash flow management for the Trust.

Next Steps

• The Trust will begin using the FTSE Bitcoin Index for share valuation and NAV calculation on August 27, 2026.
• Sponsor Fee payments will be made at least quarterly in arrears, payable in bitcoin.
• The Second Amended and Restated Trust Agreement is now in effect.

Key Dates

Keywords

Bitcoin ETF, Benchmark, FTSE Bitcoin Index, Sponsor Fee, NAV Calculation, Trust Agreement, ARK 21Shares, ARKB