Cathie Woods Ark Invest supports a Bitcoin futures ETF and increases its exposure to crypto | Currency News | Financial and business news
Cathie Wood is the founder, CEO and CIO of ARK Investment Management.
ARK investment management
- Cathie Wood’s Ark has given its name to a Bitcoin futures ETF, an SEC filing on Wednesday shows.
- The ARK 21Shares Bitcoin Futures Strategy ETF was submitted by the issuer Alpha Architect and lists 21Shares as an investment sub-advisor.
- The filing assigns the ticker ARKA – a positive sign for the upcoming SEC approval, according to an analyst.
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Cathie Woods Ark Invest has just taken cryptocurrency a step further by adding its name to an exchange-traded Bitcoin futures fund that was filed with the SEC on Wednesday.
The ARK 21Shares Bitcoin Futures Strategy ETF will carry the ticker ARKA according to the submission of the ETF issuer Alpha Architect. The crypto firm 21Shares – part of Wood-backed Amun Holdings – is listed as a sub-advisor.
Ark Investment Management will provide marketing support, the filing states.
This isn’t the first time Cathie Wood has dived into the crypto ETF space. One of Ark’s funds gave clearance to buy Canadian bitcoin exchange trade funds in late September. Bitcoin bull Wood has praised the cryptocurrency as a hedge against inflation.
The fact that the Ark-backed ETF has an assigned ticker is an indication that the SEC could soon get the green light to launch, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
“ARK has just applied for a Bitcoin futures ETF through 21Shares and the white label whiteAlpha Architect (huge win for them). Also already has a ticker: $ ARKA (another good sign the SEC will approve), ”he wrote on Twitter on Wednesday.
With his stake, Ark joins a queue of more than a dozen Wall Street players hoping to get approval from U.S. regulators for a crypto-focused ETF. Four could get the green light before the end of the month, according to Bloomberg. These are ProShares Bitcoin Strategy ETF, Invesco Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF.
Last week, the SEC approved Volt Equity’s publicly traded fund, which is made up of stocks with bitcoin exposure such as mining companies. It is considered to be the next bitcoin ETF to be released.
The prospect of a Bitcoin ETF has pushed Bitcoin price back above $ 50,000 and pushed its market cap back to the top of $ 1 trillion. Last week, investors put $ 225 million in Bitcoin-backed assets in Bitcoin-backed assets based on the positive ETF outlook, according to CoinShares, most for the last seven months.