Cathie Wood’s Ark Invest files for Bitcoin ETF
Despite the long list of companies waiting on the SEC to approve a Bitcoin ETF on U.S. soil, Cathie Wood’s Ark Investment Management is confident that it might get a green light from the financial watchdog. The investment firm is the latest to join the list of growing companies seeking to launch a Bitcoin exchange-traded fund.
According to a SEC filing on June 28, Ark Invest has teamed up with European exchange-traded product issuer 21Shares to apply for a Bitcoin product. The ETF will be listed on the Chicago Board Options Exchange’s (CBOE) BZX Exchange, trading under the ARKB ticker.
As per the filing, the ETF will also track the S&P BTC index.
The great folks over at @21Shares_ just filed for a Bitcoin ETF in partnership with Cathie Wood and @ARKInvest.@hany and the team continue to build one of the most important and valuable asset managers in the industry.
— Pomp 🌪 (@APompliano) June 28, 2021
Reacting to the news, ETF analyst Eric Balchunas told Bloomberg that if approved, the Bitcoin ETF would allow 21Shares to penetrate the U.S. market. It is worth adding that Cathie Wood, the CEO and founder of Ark Invest, serves as a board member to 21Shares.
While Wood, who is a major Bitcoin proponent, is positive that the SEC will soon approve a Bitcoin ETF, the agency has not shown any positive signs. Earlier this month, the Commission delayed decisions on two Bitcoin ETFs, extending the review period by an extra 45 days each.
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