Cathie Woods ARK Invest files to offer a bitcoin ETF – Reuters

https://www.reuters.com/business/finance/cathie-woods-ark-invest-files-offer-bitcoin-etf-2021-06-28/


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Representations of the Bitcoin cryptocurrency are seen in this illustration picture taken June 7, 2021. REUTERS/Edgar Su/Illustration/File Photo

June 28 (Reuters) – Star stock picker Cathie Wood’s ARK Invest filed with the U.S. Securities and Exchange Commission on Monday to create a bitcoin exchange traded fund (ETF), the latest fund manager attempting to cash in on investors’ growing interest in cryptocurrencies.

Wood, whose ARK Innovation ETF was the top-performing U.S. equity fund last year, has been a vocal proponent of bitcoin.

Her flagship ARK Innovation fund (ARKK.P) owns around $820 million worth of shares in cryptocurrency exchange Coinbase Global (COIN.O), making it the fund’s 10th largest holding. Coinbase has fallen 35% since its stock market debut in April.

ARK’s application to the SEC follows recent filings by Fidelity and CBOE Global Markets in March. The SEC has yet to approve a bitcoin ETF.

Bitcoin , tumbled in recent days to a two-week low as China’s expanding crackdown on bitcoin mining made investors more uncertain about the future of the leading cryptocurrency. Bitcoin on Monday traded at about $34,450, compared to its April peak of nearly $65,000.

Reporting by Noel Randewich; Editing by Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.


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