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New York-based Ark Invest fund to allow participation inCanadian Bitcoin ETF

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Indrani bose Follow

INDIA

Sep, 14 2021

Sep, 14 2021

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As per an SEC filing, Digital assets fund manager Ark Investment Management is set to introduce a fund that offers investment in Canadian bitcoin ETFs. The application notes that the questionable fund may invest in Canada, specifically singling out Canadian bitcoin exchange-traded funds.

The performance of bitcoin will be tracked by ARK 21Shares Bitcoin ETF trading under ARKB. The exchange-traded fund would hold Bitcoin, providing direct exposure to the digital asset, according to a filing.

The New York City-based Cathie Wood's investment management firm Ark Invest has over $50 billion assets under management. The firm was founded by American Investor Cathie Wood in 2014. Investments that have been filed for a Bitcoin or Bitcoin futures ETF include Fidelity Investments, Grayscale Investments, and WisdomTree Investments which count to at least 14 issuers. In addition, there have been two filings for funds tracking the second-largest cryptocurrency Ether.

Regulators concern regarding ETF:

Although crypto enthusiasts are looking for a product like Bitcoin ETF, regulators in countries across the world have prime concerns about investor protection and market manipulation. The Securities and Exchange Commission SEC is much concerned about ETFs that must adhere to stricter regulations for the protection of investors. United States seems like working on a regulatory framework and unless that is being placed SEC is not willing to proceed with the decision whether to approve a Bitcoin ETF. In mid-June SEC highlighted the requirement of public comment on a proposal to list a product on Cboe Global Markets Inc. As per the report, SEC Chair Gary Gensler who once taught classes at the Massachusetts Institute of Technology on digital assets would be more receptive to the steps.

Other countries approving Bitcoin:

Along with the United States, Canada is one of the few countries to have approved a bitcoin ETF. Others are Brazil and a French fund that was approved by the European Union. The U.S. SEC currently has over a dozen ETFs that are waiting for a decision

Other firms showing interest in ETF:

Despite the uncertainty regarding the SEC and ETF approvals, many big-name firms are showing interest in ETFs. In July Goldman Sachs has submitted an ETF focused on Decentralized Finance DeFi to the SEC. 


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Indrani bose

CBW - External Analyst

INDIA

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