Cathie Wood's Ark Investment Has Partnered with 21Shares for a Joint Bitcoin ETF
Cathie Wood, a top wall street investor and founder and CEO of ARK Investment management firm, has cooperated with 21Shares, an issuer of European exchange-traded products, to apply for the Bitcoin ETF-Ark21Shares ETF.
According to a document from the United States Securities and Exchange Commission (SEC) on Monday, June 28, the ETF will be listed on the BZX exchange of the Chicago Board of Options Exchange (CBOE) and trade under the ticker ARKB.
Ark investment fund became the latest company to join the Bitcoin exchange-traded fund (ETF) competition recently.
In addition to holding Bitcoin directly, the ETF will also track the S&P BTC index. The S&P BTC index is developed by an S&P Dow Jones Indices tool that integrates data from crypto exchanges such as Binance, Bitfinex, Bittrex, Bitstamp, Coinbase Pro, and Gemini, a "combination of qualitative and quantitative indicators" to unify bitcoin-linked indicators.
It is reported that the Bank of New York Mellon will act as the manager and transfer agent of the newly proposed ETF, while Coinbase will keep the directly purchased Bitcoins.
The founder and CEO of ARK Investment management firm Cathie Wood have always been a support of cryptocurrency. In addition to being a board member among directors of 21Shares, the fourth-largest issuer of crypto exchange-traded products based in Switzerland. The company has more than $1 billion in assets under management.
As early as May of this year, Cathie Wood has joined the board of European crypto technology firm Amun Holdings.
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."
Till now, none of any Bitcoin ETF applications has been approved for listing in the US, as the US SEC required more time to review these applications. On June 16, SEC once again postponed approving the application of VanEck Bitcoin Trust’s proposed Bitcoin ETF by 45 days.
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