ARK Invest files for Bitcoin Futures ETF
ARK Invest, led by prominent investor Cathie Wood, has put forward an ETF plan to invest in Bitcoin futures to the US Securities and Exchange Commission on Wednesday. The company has partnered with 21Shares and Alpha Architect on the same.
According to the prospectus, the ETF “ARK 21Shares Bitcoin Futures Strategy ETF (ARKA)” plans to invest in Bitcoin futures contracts bought and sold on commodity exchanges.
The Fund would be an active ETF that trades on or comply with the rules of the Chicago Mercantile Exchange (CME) and other Commodity Exchanges registered with the US Commodity Futures Trading Commission (CFTC) and is settled in US dollars.
As of yet, the SEC has not approved ETFs that hold in-kind cryptocurrencies such as Bitcoin, citing fraud and market manipulation concerns. However, SEC Chairman Gary Gensler has shown a comparatively positive view towards Futures-based Bitcoin ETFs.
Since then, many companies have applied for the same and are awaiting approval.
The post ARK Invest files for Bitcoin Futures ETF appeared first on Our Bitcoin News.
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