Ark Invest founder Cathie Wood did not invest in the ProShares Bitcoin Futures ETF

The founder and CEO of Ark Invest, Cathie Wood did not invest in the Exchange Traded Fund (ETF), ProShares’ bitcoin strategy, on the day of its debut, according to Business Insider.

Wood said of the ETF’s launch:

“No we have not [invertir]. We are studying this very carefully […] There are some fiscal implications that we would like to understand better that have to do with contango versus normal backwardation.

One speaks of contango when the forward price of the raw material is higher than the spot price. Backwardation occurs when the forward price of the future contract is lower than the spot price in a downtrend.

Ark Invest founder Cathie Wood did not invest in the ProShares Bitcoin Futures ETF
Ark Invest founder Cathie Wood did not invest in the ProShares Bitcoin Futures ETF

Last June, Ark Invest has teamed up with 21 shares to launch its own Bitcoin ETF. Wood is no stranger to the stock market when it comes to investing in cryptocurrencies.

One of his funds, Ark Investment Management has been approved to invest in the Canadian Bitcoin ETF under the name Ark Next Generation ETF. Ark Invest owns 8.3 million Grayscales Bitcoin Trust (GBTC) stocks, and Bitcoin and Ethereum they make up a good percentage of the company’s portfolio.

In the spring, Ark Invest has also added Coinbase shares to three of its ETFs. Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF).

Wood said it is looking for the next FAANG investment to help its investors. FAANG is an acronym that describes the five largest US technology stocks: Facebook, Amazon, Apple, Netflix, and Google. The term FAANG was first coined in 2013 by Jim Cramer.

The Bitcoin Strategy ETF had the highest natural volume day ever for an ETF and became the second highest ETF in the world on its first day of trading.

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