Cathie Wood’s ARK Invest Plans Bitcoin ETF

Cathie Wood’s ARK Invest enters the Bitcoin ETF race.

ARK Invest Plans to Diversify Its Offerings

ARK Invest is planning a Bitcoin ETF in partnership with 21Shares. 

The news came out in a Monday S-1 filing with the Securities and Exchange Commission (SEC). 

The proposed ETF will give ARK Invest customers direct exposure to Bitcoin on the stock market. Price will be determined through the S&P Bitcoin Index, an aggregate of price information from several leading exchanges such as Bitfinex, Gemini, and Kraken. 

Other big names look to be involved too. Coinbase will act as the custodian for the Bitcoin behind the ETF, while the Bank of New York Mellon will administrate and transfer the funds. 

Ark Invest has a track record of launching ETFs for emerging markets. The firm is well-known for its Innovation ETF, which contains roughly half of ARK’s assets. Additionally, in a move that surprised investors, the firm launched a Space Exploration & Innovation ETF. 

As crypto asset funds gain popularity, oversight from regulatory agencies is becoming more stringent. The SEC recently issued extensions to several Bitcoin ETF applications to allow more time to examine the proposals. If approved, ARK’s ETF should attract new investors hoping to gain exposure to Bitcoin in their portfolios. 

ARK has been famously bullish on Bitcoin over the last few years. The firm’s founder Cathie Wood recently gave a $500,000 price target for Bitcoin after the asset suffered a plunge in May. It’s yet to fully recover, currently trading 45% off all-time highs. 

Disclosure: At the time of writing, the author of this feature held ETH and BTC. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article