Ark Investment Management (Ark Invest), the New York-based company, has partnered with the European exchange-traded product issuer, 21Shares, to file for Bitcoin Exchange-Traded Fund (ETF).
It has been reported that the ETF would be listed on the Chicago Board Options Exchange’s (CBOE) BZX Exchange and trade under the ticker ARKB after the filing with the United States Securities and Exchange Commission (SEC) on June 28. The ETF would also track the S&P BTC index, with the trust underpinning the ETF also holding BTC directly.
However, the filing has received praise from the crypto industry.
The report said that Cathie Wood, the CEO and founder of Ark Invest, also serves as a board member to 21Shares. According to CoinShares, 21Shares is currently the fourth-largest institutional crypto product issuer by assets under management with more than $1 billion.
Likewise, Eric Balchunas, the ETF analyst, said that if approved, the Bitcoin ETF would be of significant benefit to 21Shares, allowing the firm to penetrate the US market. Ark is a big investor in the crypto space, holding shares in Grayscale’s Bitcoin and Ethereum trusts in addition to Coinbase stock. Cathie Wood is also a major Bitcoin proponent, recently reiterating her prediction that Bitcoin’s price will one day tag $500,000 despite the recent crypto downturn.
Wood recently speculated that the odds of an ETF being approved by the regulator improved after the recent crypto retracement despite the SEC having rejected every application it has received for a Bitcoin ETF so far.
Thus, in earlier June, the SEC delayed decisions on two major Bitcoin ETFs, extending the review period for the respective Bitcoin ETFs proposed by VanEck and Valkyrie Digital Assets by 45 days each.
Source: Cointelegraph