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

Stock Markets55 minutes ago (Jun 28, 2021 07:15PM ET)

(C) Reuters. FILE PHOTO: Representations of the Bitcoin cryptocurrency are seen in this illustration picture taken June 7, 2021. REUTERS/Edgar Su/Illustration/File Photo

(Reuters) – Star stock picker Cathie Wood’s ARK Invest filed with the U.S. Securities and Exchange Commission on Monday to create a bitcoin exchange traded fund (ETF), the latest fund manager attempting to cash in on investors’ growing interest in cryptocurrencies.

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

Her flagship ARK Innovation fund owns around $820 million worth of shares in cryptocurrency exchange Coinbase Global, making it the fund’s 10th largest holding. Coinbase has fallen 35% since its stock market debut in April.

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

Bitcoin tumbled in recent days to a two-week low as China’s expanding crackdown on bitcoin mining made investors more uncertain about the future of the leading cryptocurrency. Bitcoin on Monday traded at about $34,450, compared to its April peak of nearly $65,000.

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

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