Cathie Wood’s Ark Invest Just Joined The Bitcoin ETF Race

Cathie Wood’s Ark Invest filed for a bitcoin ETF but the SEC has yet to approve the Crypto ETF as we can see more in our latest Bitcoin news today.

Cathie Wood’s Ark Invest has entered the bitcoin race after it filed for an NFT as a longtime Bitcoin fan. Ark Invest is the investment management firm run by Cathie Wood and the Ark21Shares ETF is the latest addition to the growing list of applications for a crypto ETF which is something that the industry has yet to pass the Securities and Exchange Commission. The SEC is now reviewing the BTC ETF filings from WisdomTree, Fidelity, Kryptoin, VanEck, and Anthony Scamamucci’s SkyBridge Capital.

Since the ETFs trade on traditional stock exchanges, institutions like these see a BTC ETF as a way of onboarding the investors. Ark Invest’s proposed ETF will trade on Cboe BZX exchange. On the other hand, Wood made pro-BTC statements in the past, and under her reign, Ark invested in Coinbase and Grayscale BTC trust.

As reported, ARK Invest purchased more than 1 million shares of the Grayscale BTC trust, going big during the BTC drop below $30,000. According to the data by the investment firm, the addition of 1,046 GBTC was made through Ark Next Generation Internet ETF as one of the company’s six actively managed funds. The purchase brought ARKW’s total holdings to almost 8.6 million shares worth $238 million so with a weight of 3.99% GBTC is the seventh biggest holding in the fund which is then topped by Shopify, Tesla, and Twitter. GBTC commands $21.9 million in assets under management as the olders and largest crypto fund launched by the New York-based company Grayscale Investment and offers investors SEC-regulated exposure to BTC and tracks the price of the benchmark crypto. One GBTC share is now trading at $28.96.

Wood joined last month to the board of crypto technology platform Amun Holdings is known as a vocal supporter of BTC and sees it going to $500,000 in the long run. Wood joined the board last month of Amun Holdings because he is known as the most vocal supporter of BTC and sees it going even higher. Earlier this year, she said that BTC is a new asset class that will serve as a reserve currency.

Source: https://www.dcforecasts.com/bitcoin-news/cathie-woods-ark-invest-just-joined-the-bitcoin-etf-race/