Cathie Wood, the founder, CEO and CIO of Ark Investments, an asset management company, is partnering with 21Shares to get a Bitcoin exchange-traded fund (ETF) approved by the U.S Securities and Exchange Commission (SEC). 21Shares is the company that built “HODL,” the world’s first crypto ETP, on the SIX Swiss Exchange.
According to a filing which Ark Investments submitted in partnership with European exchange-traded product issuer, 21Shares, yesterday, the ETF would be listed on the Chicago Board Options Exchange’s (CBOE) BZX Exchange and it would trade under the ticker ARKB.
The “ARK 21Shares Bitcoin ETF” would tap 21Shares’ expertise in spinning up cryptocurrency exchange-traded products (ETPs), mostly in Europe.
Cathie Wood 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.
Wood’s company, Ark, is a big investor in the cryptocurrency 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 cryptocurrency market correction.
What they are saying
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.
Anthony Pompliano, the writer of the “Pompletter,” a cryptocurrency newsletter, stated on his Twitter feed that “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.”
What this means
The SEC has rejected every application it has received for a Bitcoin ETF so far. Cathie Wood recently speculated that the odds of an ETF being approved by the regulator improved after the recent cryptocurrency market retracement. This may be the case because 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.
This shows the SEC is strongly considering approving an ETF this year.
Bitcoin is currently trading at $35,300, up 2.31% for the day, as of the time of writing this report.
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