Cathie Wood’s ARK Invest Teams Up on a Bitcoin ETF

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

Star stock picker Cathie Wood’s ARK Invest is teaming up with 21Shares US LLC, which 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, and Wood’s firm will provide marketing for the proposed ETF, according to the filing. 

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

21Shares’ 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; Reuters

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