Cathie Wood’s Ark Invest partners with the exchange-traded fund provider 21Shares to launch a bitcoin exchange-traded fund, according to a filing released by the SEC on Monday.
- The Bitcoin ETF will track the changes on the S&P Bitcoin Index while trading on Cboe BZX Exchange under the ticker name ARKB. The investment objective of the ETF will be to track the bitcoin price.
- The proposed bitcoin ETF is part of the growing applications to the SEC, waiting approval. Recently, the SEC postponed a decision to approve a bitcoin ETF.
- Recently, Bitcoin has gained mainstream acceptance, expanding over $1 trillion in market capitalization.
The current trading valuation is more than 50% lower than the peak of $64,000 price in April.