Cathie Wood’s ARK Invest partners on a bitcoin ETF

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Representations of the Bitcoin cryptocurrency can be seen in this illustrative photo taken on June 7, 2021. REUTERS / Edgar Su / Illustration / File Photo

June 28 (Reuters) – (This article from June 28 corrects the title and paragraphs 1, 2 and 4 to make it clear that 21Shares, not ARK, has filed to offer the ETF and that ARK is doing the marketing)

Featured stock picker Cathie Wood’s ARK Invest partners with 21Shares US LLC, which filed with the United States Securities and Exchange Commission on Monday to create a bitcoin exchange-traded fund (ETF), the latest fund manager trying to take advantage of the growing interest of investors. in cryptocurrencies.

Wood, for which ARK Innovation ETF was the best-performing U.S. equity fund last year, has been a strong supporter of bitcoin, and Wood’s firm will market the proposed ETF, according to the filing.

Its flagship fund ARK Innovation (ARKK.P) owns around $ 820 million of shares in the Coinbase Global cryptocurrency exchange (COIN.O), making it the fund’s 10th largest stake. Coinbase has fallen 35% since it debuted on the stock exchange in April.

21Shares’ application to the SEC follows recent filings by Fidelity and CBOE Global Markets in March. The SEC has yet to approve a bitcoin ETF.

Bitcoin, has fallen to a two-week low in recent days as China’s growing crackdown on bitcoin mining has left investors more uncertain about the future of the major cryptocurrency. Bitcoin traded at around $ 34,450 on Monday, from its April peak of nearly $ 65,000.

Reporting by Noel Randewich; Editing by Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.

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