Cathie Wood’s ARK Invest Joins the Bitcoin ETF Race

Jun 28, 2021 | Decrypt News | 0 comments

ARK Invest, the investment management firm helmed by Cathie Wood, has filed for a Bitcoin ETF.

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.

Cathie Wood’s ARK Dumps Tesla to Buy $246 Million in Coinbase Shares

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.

News Source from Decrypt.co

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