However, Coinbase shares dropped more than 1.6 following yesterday’s news of Chinese authorities’ complete ban on all crypto-related transactions. Federal Reserve Chair Jerome Powell last month said the central bank had no intention of banning cryptocurrencies. ARK investment founder, Cathie Wood, is a strong BTC advocate, and its investment firm has invested about 1B in Coinbase global inc., an amount that represents 5 of almost 22B funds. equity fund last year, has said that bitcoin will rally to $500,000 and her investment firm holds about $1.55 billion worth of cryptocurrency exchange Coinbase shares spread across three funds.īitcoin touched $58,550 on Thursday, its highest level since May 2021 after jumping 30% in October, building on a rally after U.S.
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Wood, whose flagship Innovation ETF was the top-performing U.S. Wood's firm will provide marketing support for the proposed ETF, according to the filing. Philadelphia-based Alpha Architect is the adviser for the fund and 21Shares, a cryptocurrency asset manager, is the sub-adviser. Balchunas stated earlier this month that Bitcoin futures-backed ETFs have a high chance of being approved in October. Many onlookers have attributed the recent pump to expectations that the SEC will soon approve a futures-based Bitcoin ETF. Other asset managers and exchanges such as Fidelity, CBOE Global Markets and Nasdaq are also waiting for the green light to launch ETFs tracking the digital currency. The price of BTC has surged 28 since the start of October to sit at around 57,500 at the time of writing. However, the SEC has yet to approve a bitcoin ETF.
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The proposed ETF, called ARK 21Shares Bitcoin Futures Strategy, with the ticker symbol ARKA, is an attempt by the fund managers to take advantage of the surge in cryptocurrency this year. Cathie Woods Ark Investment Management filed to list a Bitcoin exchange-traded product, the latest company to throw its hat into the crypto fund ring. Securities and Exchange Commission showed. Cryptocurrency products and funds had record inflows last week to the tune of 1.5 billion, their 10th straight week of investments, as optimism soared with the trading of bitcoin exchange traded. (Reuters) - Star stock picker Cathie Wood's ARK Invest has given its brand name to a new bitcoin futures ETF that will invest in cryptocurrency futures contracts and trade on the CBOE BZX Exchange, a filing with the U.S.