Cathie Wood’s Ark Invest partners with 21Shares to file for a Bitcoin exchange-traded fund(ETF). Ark Investment Management becomes the latest firm to file for Bitcoin ETF approved by the U.S. Securities and Exchange Commission (SEC).
According to a filing with SEC, the firm has partnered with European exchange-traded fund provider 21Shares to create a Bitcoin ETF. Ark Invest acknowledged the volatility associated with the digital asset in the “risk factors” section of the filing.
The “ARK 21Shares Bitcoin ETF” would be listed on the Chicago Board Options Exchange’s (CBOE) BZX Exchange and trade under the ticker ARKB. The aim is to offer exposure to bitcoin price through shares valued daily based on S&P Bitcoin Index.
Cathie Wood, the CEO, and founder of Ark Invest, also serves as a board member to 21Shares. Wood is a longtime bitcoin bull. She has been buying digital assets in names such as Coinbase and Grayscale Bitcoin Trust. Coinbase is in the top 10 holdings in Wood’s flagship fund Ark Innovation.
In the recent year, SEC has swatted down dozen of Bitcoin ETF proposals. This month, SEC delayed the decision on two major ETFs extending the review period for Bitcoin ETF proposed by VanEck and Valkyrie Digital asset. So far, there have been eight other Bitcoin ETFs filed with the SEC.