Cathie Wood, a leading Wall Street investor and founder and CEO of ARK Investment Management Company, partnered with 21Shares, an issuer of European exchange traded products, to apply for the Bitcoin ETF-Ark21Shares ETF.
According to a United States Securities and Exchange Commission (SEC) document dated Monday, June 28, the ETF will be listed on the Chicago Board of Options Exchange (CBOE) and BZX Trade under the ticker ARKB.
The Ark mutual fund is recently the newest company to join the Bitcoin Exchange Traded Funds (ETF) competition.
In addition to holding Bitcoin directly, the ETF will also use the S&P BTC index. The S&P BTC index is developed by an S&P Dow Jones Indices tool that collects data from crypto exchanges such as Binance, Bitfinex, Bittrex, Bitstamp, Coinbase Pro and Gemini, a “combination of qualitative and quantitative indicators” to unify Bitcoin-related indicators.
It is reported that the Bank of New York Mellon will act as the manager and transfer agent of the newly proposed ETF, while Coinbase will keep the bitcoins purchased directly.
The founder and CEO of ARK investment management firm Cathie Wood has always been a pillar of cryptocurrency. In addition to his membership on the board of directors of 21Shares, the fourth largest issuer of exchange-traded crypto products based in Switzerland. The company has more than $ 1 billion under management.
Cathie Wood joined the board of directors of the European crypto-technology company Amun Holdings in May of this year.
ETF analyst Eric Balchunas told BNN Bloomberg:
“If approved, the Bitcoin ETF would be of significant benefit to 21Shares and would allow the company to enter the US market.”
So far, none of the Bitcoin ETF applications have been approved for listing in the US, as the US SEC needed more time to review these applications. On June 16, the SEC postponed the approval of the application for the Bitcoin ETF proposed by VanEck Bitcoin Trust for another 45 days.
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