Cathie Wood’s Ark Invest presents a Bitcoin ETF with 21Shares

Ark Investment Management is the newest company to introduce a Bitcoin Exchange Traded Fund (ETF).

According to a filing filed on June 28 with the US Securities and Exchange Commission in collaboration with the European publicly traded product issuer 21Shares, The ETF is listed on the Chicago Board Options Exchange (CBOE) BZX and traded on the ARKB ticker.

The ETF would also track the SP BTC index, and the underlying trust fund would also hold BTC directly. The presentation received praise from the cryptocurrency industry.

Cathie Wood’s Ark Invest presents a Bitcoin ETF with 21Shares
Cathie Wood’s Ark Invest presents a Bitcoin ETF with 21Shares

Cathie Wood, CEO and founder of Ark Invest, is also a member of the board of directors of 21Shares.. According to CoinShares, 21Shares is currently the fourth largest issuer of institutional crypto products by assets under management, with more than $ 1 billion.

ETF analyst Eric Balchunas told BNN Bloomberg: if approved, the Bitcoin ETF would be a significant asset to 21Shares and would allow the company to enter the U.S. market..

Ark is a huge investor in the cryptocurrency space and, in addition to holding Coinbase shares, also owns shares in Grayscale’s Bitcoin and Ethereum funds.. Cathie Wood is also a leading proponent of Bitcoin and recently reiterated her prediction that the price of Bitcoin will one day hit $ 500,000 despite the recent crash in the cryptocurrency.

Even if the SEC has so far rejected every application received for a Bitcoin ETF, Wood recently speculated that the chances of an ETF getting regulatory approval have improved following the recent cryptocurrency withdrawal..

Earlier this month, the SEC delayed decisions on two large Bitcoin ETFs, whereby the review period of the respective Bitcoin ETFs proposed by VanEck and Valkyrie Digital Assets is extended by 45 days each.

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