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Representations of the cryptocurrency bitcoin are shown in this illustrative image taken on June 7, 2021. REUTERS/Edgar Sue/Illustration/file photo
June 28 (Reuters) – Star stock picker ArcInvest filed a lawsuit with the U.S. Securities and Exchange Commission on Monday to create a Bitcoin Exchange Traded Fund (ETF), the latest fund manager to try to cash in on investor interest in the burgeoning cryptocurrency.
Wood, whose ARK Innovation ETF was the top performing US equity fund last year, has been a staunch supporter of bitcoin.
Its flagship fund, ARK Innovation (ARKK.P), owns approximately $820 million of shares in the crypto exchange Coinbase Global (COIN.O), making it the tenth largest holding of the fund. Coinbase is down 35% since it appeared on the stock market in April.
ARK’s application to the Securities and Exchange Commission (SEC) follows recent filings by Fidelity and CBOE Global Markets in March. The Securities and Exchange Commission (SEC) has not yet approved a Bitcoin ETF.
Bitcoin slumped in recent days to its lowest level in two weeks as the increasing Chinese crackdown on bitcoin mining has made investors more skeptical about the future of the leading cryptocurrency. Bitcoin was trading on Monday at around $34,450, compared to its April high of nearly $65,000.
(Reporting by Noel Randwich) Editing by Himani Sarkar
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