Cathie Wood’s ARK Invest files to offer a bitcoin ETF – .

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Cathie Wood’s ARK Invest files to offer a bitcoin ETF – .


Representations of the Bitcoin cryptocurrency can be seen in this illustrative photo taken on June 7, 2021. REUTERS / Edgar Su / Illustration / File Photo

June 28 (Reuters) – Stock breeder Cathie Wood’s ARK Invest on Monday filed with the United States Securities and Exchange Commission a request to create a bitcoin exchange-traded fund (ETF), the last manager of funds to try to take advantage of the growing investor interest in cryptocurrencies.

Wood, whose ARK Innovation ETF was the top-performing U.S. equity fund last year, has been a staunch supporter of bitcoin.

Its flagship fund ARK Innovation (ARKK.P) owns around $ 820 million of shares in the Coinbase Global cryptocurrency exchange (COIN.O), making it the fund’s 10th largest stake. Coinbase has fallen 35% since it debuted on the stock exchange in April.

ARK’s request to the SEC follows recent filings by Fidelity and CBOE Global Markets in March. The SEC has yet to approve a bitcoin ETF.

Bitcoin, has fallen to a two-week low in recent days as China’s growing crackdown on bitcoin mining has left investors more uncertain about the future of the major cryptocurrency. Bitcoin traded at around $ 34,450 on Monday, from its April peak of nearly $ 65,000.

Reporting by Noel Randewich; Editing by Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.

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