Cathie Wood’s ARK Invest Files for Another Bitcoin Spot ETF
ARK Investment Management, the firm led by prominent fund manager Cathie Wood, has filed for another spot Bitcoin (BTC) exchange-traded fund – ARK 21Shares Bitcoin ETF. The SEC has until January 24, 2023, to decide whether to approve or reject it.
- As per the filing with the Securities and Exchange Commission, ARK Invest has included a proposed rule change from the Chicago Board Options Exchange (CBOE) BZX Exchange in its latest application.
- The main objective of the spot ETF – ARK 21Shares Bitcoin ETF – is to track the performance of Bitcoin as measured by the S&P Bitcoin Index. The applications stated,
“In seeking to achieve its investment objective, the Trust will hold bitcoin and will value the Shares daily based on the Index. The Trust will process all creations and redemptions in-kind in transactions with authorized participants. The Trust is not actively managed.”
- Despite several physical Bitcoin ETF filings, the SEC is yet to approve even a single one that gives exposure to the price of the cryptocurrency in the spot markets.
- The latest filing is ARK’s second for a physical Bitcoin ETF. It comes a month after the Commission rejected the investment company’s first attempt.
- Following the rebuff, Wood asserted that the firm would apply again while adding,
“I find it fascinating they have approved the Bitcoin futures and not the underlying. It just doesn’t make sense to me, especially considering the fees associated with that kind of ETF.”
- Several other companies, including leading asset manager, Grayscale, have been pressing for a spot bitcoin ETF to be approved, but they are yet to succeed.
Read more: https://cryptopotato.com/cathie-woods-ark-invest-files-for-another-bitcoin-spot-etf/
Text source: CryptoPotato
