Cathie Wood’s ARK Invest Joins the Bitcoin ETF Race
ARK Invest an investment firm that focuses solely on disruptive innovation and offers investment solutions to investors seeking long-term growth in the public markets, has filed for a Bitcoin ETF. This firm is run by Cathie Wood, chief executive, and chief investment officer of ARK Invest and a longtime fan of Bitcoin.
ARK Invest, the investment management firm helmed by Cathie Wood, has filed for a Bitcoin ETF.
Bitcoin ETFs are exchange-traded funds that track the value of Bitcoin and trade on traditional market exchanges rather than cryptocurrency exchanges.
The Ark21Shares ETF (exchange-traded fund) is the latest addition to a growing list of applications for a crypto ETF—something the crypto industry has yet to get past the Securities and Exchange Commission, though not for lack of trying.
The SEC is currently reviewing Bitcoin ETF filings from Kryptoin, WisdomTree, Fidelity, VanEck, and Anthony Scaramucci’s Skybridge Capital; WisdomTree and VanEck have also filed for Ethereum ETFs.
Since ETFs trade on traditional stock exchanges (as opposed to the dedicated crypto exchanges that can be intimidating for newcomers), institutions like these see a Bitcoin ETF as a way of onboarding hesitant investors.
ARK Invest’s proposed Bitcoin ETF would trade on Cboe’s BZX Exchange.
Wood has made pro-Bitcoin statements in the past. Under her aegis, ARK has invested in Coinbase and the Grayscale Bitcoin Trust.
