Cathie Wood's Ark Invest filed with the Securities and Exchange Commission on Monday to create a bitcoin exchange-traded fund. Wood — a longtim

Cathie Wood's Ark Invest files to create a bitcoin ETF

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2021-06-29 02:30:04

Cathie Wood's Ark Invest filed with the Securities and Exchange Commission on Monday to create a bitcoin exchange-traded fund.

Wood — a longtime bitcoin bull — has been buying up proxies for the digital asset in names such as Coinbase and Grayscale Bitcoin Trust. Now, the innovation investor is seeking to own the actual asset itself.

The ETF's investment objective is to track the performance of bitcoin, according to the SEC filing. The fund would trade under the ticker symbol "ARKB," if approved by the SEC. Ark Invest is working in partnership with 21Shares to launch the ETF.

Bitcoin has hovered around $34,000 for the past couple of weeks as it struggles to reclaim its May highs. Many in the trading community have kept a watchful eye to see if it would hold at $30,000 as it continued its decline. Some still say it could drop as low as $20,000 before rebounding.

However, the digital asset has nearly been cut in half since its all-time high of about $63,000 in April. China's bitcoin crackdown, Tesla CEO Elon Musk's decision to stop accepting bitcoin for its electric vehicles, and excessive risk taking by crypto traders have all contributed to recent price swings.

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