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


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.

Indrani bose
CBW - External Analyst
INDIA