SnapBots News Review-ARK Invest teams up on a bitcoin ETF
Ark Investment is a New York City-based investment management firm that manages several actively managed exchange-traded funds. The investment company was founded by Cathie Wood in 2014. As of February 2021, the company had around $50 billion in assets under management. ARK Innovation ETF was the top-performing US equity fund last year.
Ark Invest has filed for approval to offer a Bitcoin exchange-traded fund (ETF) yesterday with the US Securities and Exchange Commission. ARK Invest is teaming up with 21Shares, an investment firm with experience launching related products in Europe, which will help Ark to launch the product.
The proposed instrument will be called ARK 21Shares Bitcoin ETF. It will track the performance and price of Bitcoin, providing exposure for regulated markets.
Cathie Wood is a big bitcoin supporter and is very vocal about it. Her flagship ARK Innovation fund (ARKK.P) owns around $820 million worth of shares in cryptocurrency exchange Coinbase Global (COIN.O), making it the fund's 10th largest holding.
Ark Invest is one of the latest of several companies that have filed proposals for a Bitcoin ETF. Galaxy Digital, VanEck, Fidelity, SkyBridge Capital, NYDIG, WisdomTree Investments, and BitWise Propelled have already filed for ETF. Many investment companies want to offer Bitcoin ETF due to the rise of the cryptocurrency market and the interest shown by customers.
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