Cathie Wood’s ARK Invest recorded with the U.S. Protections and Exchange Commission on Monday to make a bitcoin exchange-traded fund (ETF). The most recent fund manager endeavoring to capitalize on the financial investor’s developing interest in cryptocurrencies.
Cathie Wood, the CEO, and originator of Ark Invest, additionally fills in as a board member to 21Shares. As per CoinShares, 21Shares presents the fourth-biggest institutional crypto product issuer by resources under administration with more than $1 billion.
As per a June 28 filing with the United States Securities and Exchange Commission (SEC) submitted in association with European trade exchange-traded product issuer, 21Shares, the ETF would be listed on the Chicago Board Options Exchange’s (CBOE) BZX Exchange and exchange under the ticker ARKB.
The ETF would likewise follow the S&P BTC list, with the trust supporting the ETF additionally holding BTC straightforwardly. The filing has gotten acclaim from the crypto business.
As of late, Cathie Wood is likewise a significant Bitcoin defender. Emphasizing her expectation that Bitcoin’s price will one day reach $500,000, notwithstanding the new crypto slump. Ark is a major financial backer in the crypto space; holding partakes in Grayscale’s Bitcoin and Ethereum in addition to Coinbase stock.
Approval of Bitcoin ETF in the Past
In March, ARK’s application to the SEC followed ongoing filings by Fidelity and CBOE Global Markets. The Bitcoin ETF is yet to be approved by the SEC.
Notwithstanding the SEC having dismissed each application it has got for a Bitcoin ETF until now. Wood, as of late, hypothesized that the chances of an ETF being approved by the regulator got better after the latest crypto retracement.
Recently, the SEC postponed decisions on two massive Bitcoin ETFs, expanding the audit time frame for the Bitcoin ETFs proposed by VanEck and Valkyrie Digital Assets by 45 days each.
Whenever endorsed, the Bitcoin ETF would be of critical advantage to 21Shares, which in fact would permit the firm to enter the U.S. market, as per ETF analyst Eric Balchunas, disclosed to BNN Bloomberg.
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