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ARK Invest Files With SEC to Create a Bitcoin Exchange Traded Fund

ARK Invest Files With SEC to Create a Bitcoin Exchange Traded Fund
  • Cathie Wood’s ARK Investment Management files for a BTC Exchange-Traded Fund
  • Ark Invest is partnering with 21Shares an investment product firm to launch the ETF
  • The fund would trade under the ticker symbol “ARKB,” if approved by the SEC.

The ARK Investment Management spearheaded by Bitcoin fan Cathie Wood has applied for a BTC Exchange-Traded Fund (ETF). The application joins the list of other filings including Kryptoin, WisdomTree, Fidelity, VanEck, and Anthony Scaramucci’s Skybridge Capital. Meanwhile, WisdomTree and VanEck have also filed for Ethereum ETFs.

Specifically, Ark Invest filed with the U.S. Securities and Exchange Commission (SEC) on Monday to create a bitcoin exchange-traded fund. Furthermore, Ark Invest is partnering with 21Shares an investment product firm to launch the ETF. Consequently, the fund would trade under the ticker symbol “ARKB,” if approved by the SEC.

The Ark21Shares ETF is the latest addition to the Securities and Exchange Commission. Notably, ETFs trade on traditional stock exchanges which is a great way to welcome new investors. As per the SEC filing, the ETF’s investment objective is to track the performance of Bitcoin.

The Trust provides investors with the opportunity to access the market for Bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring Bitcoin directly or acquiring it from a bitcoin spot market.

Apparently, last week the SEC postponed the decision to approve the first Bitcoin ETF. This comes after SEC Chairman Gary Gensler calls for more regulation of cryptocurrency exchanges. Even more for  greater investor protections

ARK Invest’s proposed Bitcoin ETF is going to trade on Cboe’s BZX Exchange. More so, ARK has been buying up proxies of the digital asset invested in Coinbase and Grayscale Bitcoin Trust.

The market value of bitcoin is not related to any specific company, government, or asset. The valuation of bitcoin depends on future expectations for the value of the Bitcoin network, the number of bitcoin transactions, and the overall usage of bitcoin as an asset, states the S1 filing.

ARK envisions a future where BTC is part of a balanced investment portfolio. Ark Invest estimates that if 1% of the corporate cash of every company in the S&P 500 were converted into bitcoin, then the asset’s price would balloon by more than $40,000 from its current levels.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.