Digital Assets: Cathie Wood’s ARK Invest Boosts Investment In Coinbase, Lines Up Another Bitcoin ETF With 21Shares
The actions mirror the continued confidence of ARK in the future of crypto assets.
In late March, ARK Invest purchased several shares of Coinbase (NASDAQ: COIN), a US cryptocurrency exchange, totaling $8.6 million. The purchase was split among three of Catherine Wood’s firm’s structures: the ARK Innovation ETF, the ARK Next Generation ETF, and the ARK Fintech Innovation ETF. This move came after the company bought Coinbase shares for the first time in October since June 2020 and sold off a $13.5 million stake in March 2021. (IHODL)
Meanwhile, 21Shares, a major player in the crypto exchange-traded products industry, has partnered with ARK Investment Management to resubmit a proposal for a Bitcoin ETF. The fund would offer greater security measures for US investors, which are currently unavailable in the market.
However, the US regulatory system has opposed similar proposals in the past, including 21Shares’ previous applications for the ARK 21Shares Bitcoin ETF.
Hany Rashwan, the CEO and co-founder of 21Shares, stressed the importance of investor protection in the proposed Bitcoin ETF, citing the prevalence of crypto scams and the lack of regulated options in the US.
Despite increased attention from regulators, cryptocurrencies have seen a recent uptick in value, and some investors consider them a safe haven for storing money.
Related Story: Grayscale Protests SEC Rejection Of Spot Bitcoin ETF, Files Suit Against Regulator
Image by Brian Penny from Pixabay
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