Alternative Investments/Digital: Cathie Wood’s ARK Invest Partners With 21Shares For Bitcoin Futures ETF

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A new bitcoin futures ETF will carry behind it the weight of Cathie Wood’s ARK Invest.

Cathie Wood’s ARK Invest has lent its brand name to the ARK 21Shares Bitcoin Futures Strategy ETF which will trade under the ticker symbol ARKA on the CBOE BZX Exchange, according to a filing Wednesday. While Philadelphia-based, white-label ETF issuer Alpha Architect will act as adviser to the ETF, cryptocurrency asset manager 21Shares will be sub-adviser. ARK will lend marketing support. (Reuters)

ARKA will invest in bitcoin futures contracts, not the underlying cryptocurrency.

In June, the ARK 21Shares Bitcoin ETF (ARKB) filed with the SEC, proposing to track the S&P Bitcoin Index.

ARKA a positive indicator

A twitter post by senior Bloomberg ETF analyst Eric Balchunas interpreted the filing as highly positive in the context of a likely SEC go-ahead to a bitcoin ETF.

“ARK just filed for a bitcoin futures ETF via 21Shares and via Alpha Architect white label (huge win for them). Already has ticker too: $ARKA (yet another good sign SEC gonna approve),” he tweeted.

Though a number of applications for a bitcoin ETF are pending before the SEC, the regulator has not yet shown any signs of granting an approval; on the other hand, Chair Gary Gensler has indicated his preference for an ETF based on underlying bitcoin futures.

Meanwhile, the SEC approved on October 5 a new ETF that provides investors exposure to companies that hold a majority of their net assets in bitcoin or derive a majority of their profit or revenue from bitcoin-related activities.

The Volt Crypto Industry Revolution and Tech ETF will invest in “Bitcoin Industry Revolution Companies” up to 80% of its portfolio. It will trade on the NYSE Arca exchange under the ticker symbol of BTCR.

Related Story: The Volt ETF, Focused On Bitcoin Companies, Gets SEC Nod

Image Credit: Catherine Wood

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