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Cathie Wood’s Ark Files for Bitcoin ETF

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Mon, 06/28/2021 - 20:32
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Alex Dovbnya
Cathie Wood’s Ark has filed for a Bitcoin exchange-traded fund in collaboration with 21Shares
Cathie Wood’s Ark Files for Bitcoin ETF
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Zug-based exchange-traded product (ETP) issuer 21Shares AG and Cathie Wood’s ARK Investment Management have filed a joint application with the U.S. Securities and Exchange Commission to launch a Bitcoin exchange-traded fund:

21Shares US LLC (the “Sponsor”) is the sponsor of the Trust, Delaware Trust Company (the “Trustee”) is the trustee of the Trust, and Coinbase Custody Trust Company, LLC (“Coinbase Custody”) (the “Custodian”) is the custodian for the Trust, and will hold all of the Trust’s bitcoin on the Trust’s behalf. ARK Investment Management LLC (“ARK”) provides assistance in the marketing of the Shares.

If approved, ARK 21Shares Bitcoin ETF will be trading on the Cboe BZX Exchange.  

In early May, Wood was appointed to the board of Amun Holdings, the owner of 21Shares.   

This is already the twelfth ETF application in the U.S. The likes of Fidelity, Galaxy Digital, and VanEck have already jumped into the race.   

Ark currently owns roughly $250 million in the shares of Grayscale Bitcoin Trust.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.