Cathie Wood’s Ark Investment Management LLC has teamed up with exchange-traded product provider 21Shares US LLC to develop a Bitcoin exchange-traded fund.
- The ARK 21Shares Bitcoin ETF will track the S&P Bitcoin Index and is designed to reflect the performance of the digital token in U.S. dollars. An application has been filed with the Securities and Exchange Commission.
- The ETF is sponsored by 21 Shares, while ARK will market the shares. It will be traded under the Cboe BZX Exchange under the ticker ARKB and will custody its Bitcoin in Coinbase Custody Trust Company LLC.
- The fund will value its shares daily as of 4 p.m. Eastern time and will provide direct exposure to Bitcoin without the barriers encountered in the spot market.
There are over a dozen Bitcoin ETF applications pending before the SEC.
BTCUSD is up 4.96%.
Source: Securities and Exchange Commission