Cathie Wood charts course for ARK’s crypto future
CEO and founder of ARK Invest Cathie Wood announced plans on Monday to launch five crypto currency-focused exchange-traded funds (ETFs) in partnership with 21Shares, a leading provider of crypto ETPs in Europe. The new ETFs will offer exposure to Bitcoin (BTC) and Ethereum (ETH) futures, as well as equities of companies involved in cryptocurrencies and blockchain technology. Wood believes these new products will appeal primarily to institutional investors, calling them “a dress rehearsal” for when U.S. regulators eventually approve a spot bitcoin ETF that directly holds the crypto currency. ARK has an application for a spot Bitcoin ETF pending with the Securities and Exchange Commission (SEC). Wood says the SEC has been asking more substantive questions of late, rather than outright rejecting applications as in the past. You might also like: Bitcoin ETF optimism sparks bullish run, GFOX and LINK gain momentum Wood believes the SEC’s main concern under...