Despite going through tough market times, Bitcoin (BTC) continues to impress institutional investors as another investment firm, ARK Invest files with the SEC to offer a Bitcoin ETF.
According to a prospectus filed with the US Securities and Exchange Commission (SEC) on Monday, June 28, Ark Invest will try to cash in growing investors’ interest in crypto assets by offering a Bitcoin ETF, named ARK 21Shares Bitcoin ETF.
To make this happens, Ark Invest has teamed up with Swiss-based 21Shares AG’s U.S. affiliate, which will serve as the filer and issuer of the ARK 21Shares Bitcoin ETF. If approved, the ETF will be listed on the Cboe Global Markets’ BZX Exchange under the ticker symbol “ARKB”.
According to the filing, NASDAQ-listed Coinbase Global’s custodial unit, Coinbase Custody, will serve as custodian of the ETFs holding and would use S&P Bitcoin Index as its benchmark. The Bank of New York Mellon will serve as ETF administrator and provide administrative, tax, and accounting services and financial reporting for the maintenance and operations of the ARK 21Shares Bitcoin ETF.
With this filing, ARK invest has joined the list of companies that are waiting for SEC approval for their Bitcoin ETF offerings. The US SEC is currently reviewing Bitcoin ETF filings from Kryptoin, WisdomTree, Fidelity, VanEck, and Anthony Scaramucci’s Skybridge Capital. Among these companies, VanEck and WisdomTree have also filed for Ethereum ETF. But the regulator still hasn’t approved a single Bitcoin ETF yet.
ARK Invest is an investment management firm based in New York. The firm is best known for its innovation ETF that was the top-performing U.S. equity fund last year. ARK Innovation fund also owns around $820 million worth of shares in cryptocurrency exchange Coinbase Global and has made large investments in Grayscale Bitcoin Trust (GBTC). The filing doesn’t come as surprise as ARK Invest CEO Cathie Wood has always been a vocal supporter of Bitcoin.
It has been two tough months for the cryptocurrency market as Bitcoin plummeted below $30,000 last week after reaching an all-time high (ATH) of nearly $65,000 in April amid frequent teasing of Chinese regulators on the crypto and Bitcoin mining industry. But the largest crypto asset by market cap has also seen great developments in these months, such as El Salvador making Bitcoin as legal tender and huge progress around the Taproot upgrade.
Furthermore, Mexican billionaire and the owner of Banco Azteca bank, Ricardo Salinas Pliego, said he was pushing his country to accept the cryptocurrency and his bank was working to become the first bank in Mexico to accept Bitcoin.
— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
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