- CryptoGeneral
- July 1, 2021
- 4 minutes read
Crypto: Cathie Wood’s ARK Invest To Co-Launch Bitcoin ETF
Ark Invest, the famous ‘contrarian’ investment firm founded by Cathie Wood, has proposed to co-launch a Bitcoin exchange-traded fund (ETF). The proposal…
Ark Invest, the famous ‘contrarian’ investment firm founded by Cathie Wood, has proposed to co-launch a Bitcoin exchange-traded fund (ETF). The proposal was made known with a recent filing to the US SEC.
- Ark Invest is teaming up with 21Shares, a Swiss-based crypto company, to launch an ETF that will track the performance of Bitcoin. As it’s structured, 21Shares is the one launching the ETF while Ark is assisting with marketing and validation.
- To note, the US SEC hasn’t approved any Bitcoin ETF despite 8 filings to it before Ark’s own. It’s uncertain if Ark’s own will get approval.
- The new ETF proposed by Ark and 21Shares is named “ARK 21Shares Bitcoin ETF”. As an exchange-traded fund, it won’t be buying or selling any bitcoin directly but will make investments in assets tied to the performance of the cryptocurrency, such as Coinbase and the Grayscale Bitcoin Trust which are two of Ark’s current major holdings.
- Ark’s Cathie Wood is a board member at 21Shares. She became one after investing in the company last year May. Personally, Wood has been a major proponent of Bitcoin, a ‘bull’ in her own right.
- Wood has a solid track record, whereby her ARK Innovation ETF was the top-performing US equity fund last year. Though to note, past performance isn’t a guarantee of future performance and it’s even uncertain if her new Bitcoin ETF will be approved by regulators.
