Cathie Wood's Ark Invest teams up with 21Shares to file for Bitcoin ETF

Published at: June 29, 2021

Ark Investment Management has become the latest firm to file for a Bitcoin exchange-traded fund (ETF).

According to a June 28 filing with the United States Securities and Exchange Commission (SEC) submitted in partnership with European exchange-traded product issuer, 21Shares, the ETF would be listed on the Chicago Board Options Exchange’s (CBOE) BZX Exchange and trade under the ticker ARKB.

The ETF would also track the S&P BTC index, with the trust underpinning the ETF also holding BTC directly. The filing has received praise from the crypto industry.

The great folks over at @21Shares_ just filed for a Bitcoin ETF in partnership with Cathie Wood and @ARKInvest.@hany and the team continue to build one of the most important and valuable asset managers in the industry.

— Pomp (@APompliano) June 28, 2021

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.

ETF analyst, Eric Balchunas, told BNN Bloomberg that if approved, the Bitcoin ETF would be of significant benefit to 21Shares, allowing the firm to penetrate the U.S. 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.

Related: Major players will speak at a new Bitcoin event aimed at institutional investors

Despite the SEC having rejected every application it has received for a Bitcoin ETF so far, Wood recently speculated that the odds of an ETF being approved by the regulator improved after the recent crypto retracement.

Earlier this month, 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.

Tags
Etf
Sec
Business
Stocks
Bitcoin Investment Trust
Investment Trusts
Related Posts
Bitcoin futures ETF debuts with highest-ever first day ‘natural’ volume of $1B
ProShares’ Bitcoin Strategy exchange-traded fund (BITO) saw the highest ever first day “natural” volume for an exchange-traded fund (ETF), with the figure reaching a little over $1 billion by the end of the opening day. It is second overall, tailing just behind the BlackRock U.S. Carbon Transition Readiness ETF, which booked $1.16 billion in volume on its debut in April. The ProShares Bitcoin futures-based ETF launched on the New York Stock Exchange on Tuesday with an opening price of $40.88. According to data from TradingView, BITO closed the day at $41.94, with a total of 24.313 million shares changing hands, …
Etf / Oct. 20, 2021
Grayscale gears up for legal battle with SEC over Bitcoin ETF
Grayscale CEO Michael Sonnenshein said the firm is gearing up for a legal fight if Grayscale’s Bitcoin Spot ETF product is denied by the United States Securities and Exchange Commission (SEC). In an interview with Bloomberg on Tuesday, March 29, Sonnenshein was asked if he would consider the Administrative Procedure Act (APA) lawsuit option if the application for its Bitcoin Spot ETF was denied by the financial regulator. “I think all options are on the table,” he responded, highlighting the importance of continuing to advocate for investors. The next decision date for the approval or denial of the investment product …
Etf / March 29, 2022
Canadian firm planning to convert its Bitcoin trust to an ETF
Less than two months after launching trading for shares of its Bitcoin trust, Canada-based investment manager Ninepoint Partners is planning to change its offering to an exchange-traded fund. In an announcement on March 3, Ninepoint said it would be holding a vote for unitholders to decide on whether to convert its existing Bitcoin (BTC) trust to an exchange-traded fund, or ETF, on the Toronto Stock Exchange. The firm said the move is intended to provide a better trading price and increased trading liquidity. Investors will be able to vote on the matter on April 19. "Ninepoint's Bitcoin Trust IPO was …
Etf / March 3, 2021
No Bitcoin ETF Yet: A Deep Dive Into the Situation in the US
Over the past several years, many entities have submitted proposals for regulated Bitcoin (BTC) exchange-traded funds, or ETFs in the United States. So far, the Securities and Exchange Commission, or SEC, has not approved any official Bitcoin ETF product for the mainstream public. What is an ETF and what is the holdup when it comes to BTC? As crypto gains increased trust in the public eye, entities look for opportunities to bring digital assets into the traditional financial world as part of a more formal and regulated approach. As its first major step into crypto, the Chicago Board Options Exchange, …
Technology / Feb. 22, 2020
SEC sues Atlas Trading for $100M stock manipulation scheme
The United States Securities Exchange Commission (SEC) filed a claim against eight individuals associated with Atlas Trading, a Discord-based forum. The forum’s co-founders, affiliated podcasters and Youtubers are being alleged of stock manipulation. The claim was filed with the U.S. District Court Southern District of Texas on Dec. 13. The regulator accuses the defendants of violating Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act. According to the SEC, bloggers made no less than $100 million by acquiring substantial positions in some securities, recommending those stocks to their followers and then selling their shares into …
Sec / Dec. 14, 2022