Cathie wood’s ARK Invest Files to Get Another Bitcoin Spot Exchange Trade Fund

ARK Investment Management, the firm led by prominent fund manager Cathie Wood, has filed for another spot Bitcoin (BTC) exchange-traded fund – ARK 21Shares Bitcoin ETF. The SEC will have until January 24, 2023 to decide whether or not to approve it.

According to the Securities and Exchange Commission filings, ARK Invest has submitted a new application that includes a proposed rule change by the Chicago Board Options Exchange BZX Exchange.

The main objective of the spot ETF – ARK 21Shares Bitcoin ETF – is to track the performance of Bitcoin as measured by the S&P Bitcoin Index. These applications were submitted by

“In seeking to achieve its investment objective, the Trust will hold bitcoin and will value the Shares daily based on the Index. All creations and redemptions will be processed by the Trust in kind in transactions with authorized participants. The Trust is not actively managed.”

Despite numerous physical Bitcoin ETF filings being made, the SEC has yet to approve any that provides exposure to the cryptocurrency’s price in spot markets.

The latest filing is ARK’s second for a physical Bitcoin ETF. It comes a month after the Commission rejected the investment company’s first attempt.

Wood responded by stating that the firm would apply for a second time while adding.

“I find it fascinating they have approved the Bitcoin futures and not the underlying. It just doesn’t make sense to me, especially considering the fees associated with that kind of ETF.”

Grayscale, an asset manager and leading company, has been pressing for the approval of a spot Bitcoin ETF. However, they have not succeeded.

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