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Cathie Wood’s Ark Invest Is The Latest to Apply for Bitcoin ETF Tracking BTC Futures

by Miki 10/13/2021
by Miki 10/13/2021 0 comment

Ark Invests’ Cathie Wood is going all guns blazing when it comes to being a Bitcoin bull. As per the latest SEC filing, Ark Invest has applied for a Bitcoin ETF tracking the BTC futures. This comes as the SEC has shown willingness to approve such a derivative product rather than directly tracking the underlying asset aka physical Bitcoin.

Wednesday’s filing with the U.S. SEC shows that the ARK 21Shares Bitcoin Futures Strategy ETF trading with the ticker symbol of ARKA plans to invest in bitcoin futures trading on the commodity exchanges.

This is typically the Bitcoin futures offered by the Chicago Mercantile Group (CMG). A white-label ETF-issuer Alpha Architect has submitted the filing on ARK’s behalf. Speaking of the development, Bloomberg Intelligence’s Eric Balchunas, referring to the Grayscale Bitcoin Trust said:

“It’s a no brainer for Ark because they will likely be able to instantly seed it with about half a billion that they currently have in GBTC. Having that kind of start is really helpful, especially if they are the seventh or eighth one approved. Ark also has a strong base of younger investors who probably would use this as well. Closest thing to a surefire hit as you’ll see.”

Cathie wood’s Bullish Bitcoin Bet

Cathie Wood has been one of the ardent supporters of Bitcoin and believes that the world’s largest cryptocurrency can give multi-fold returns in the coming years. Recently, Wood predicted that the BTC price would be nearly 10x in the next five years to half a million.

As of press time, BTC is trading 3% up moving past $58,000 with a market cap of $1.095 trillion. Cathie Wood’s Ark Invest has made aggressive purchases during the Bitcoin dips of June-July 2021.

Moreover, instead of waiting for a Bitcoin ETF approval in the U.S, Ark Invest has been investing in such products offered at overseas locations. Last month, the company announced its investment in the Canadian Bitcoin ETF.

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

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      Learn

      How to Start Trading Cryptocurrency

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      Learn

      How to Create Your Own Cryptocurrency

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  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

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      Binance Trading Platform Licenses in Bahrain, Canada

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