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Cathie Wood’s ARK Invest throws weight behind new bitcoin futures ETF

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Oct 14 (Reuters) – Star inventory picker Cathie Wood’s ARK Invest has given its model identify to a new bitcoin futures ETF that can spend money on cryptocurrency futures contracts and commerce on the CBOE BZX Exchange, a submitting with the U.S. Securities and Exchange Commission confirmed.

The proposed ETF, referred to as ARK 21Shares Bitcoin Futures Strategy, with the ticker image ARKA, is an try by the fund managers to reap the benefits of the surge in cryptocurrency this 12 months.

However, the SEC has but to approve a bitcoin ETF. Other asset managers and exchanges resembling Fidelity, CBOE Global Markets and Nasdaq are additionally ready for the inexperienced mild to launch ETFs monitoring the digital forex.

Philadelphia-based Alpha Architect is the adviser for the fund and 21Shares, a cryptocurrency asset supervisor, is the sub-adviser. Wood’s agency will present advertising and marketing help for the proposed ETF, in accordance with the submitting.

Wood, whose flagship Innovation ETF (ARKK.P) was the top-performing U.S. fairness fund final 12 months, has stated that bitcoin will rally to $500,000 and her funding agency holds about $1.55 billion value of cryptocurrency trade Coinbase (COIN.O) shares unfold throughout three funds.

Bitcoin touched $58,550 on Thursday, its highest stage since May 2021 after leaping 30% in October, constructing on a rally after U.S. Federal Reserve Chair Jerome Powell final month stated the central financial institution had no intention of banning cryptocurrencies.

Reporting by Medha Singh in Bengaluru; Editing by Bernard Orr

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