Cathie Wood’s ARK Invest Enters Bitcoin ETF Race

Cathie Wood’s ARK Investment Management has joined the race to get a bitcoin exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission.

• According to SEC filings, the noted tech investor is partnering with investment product firm 21Shares in submitting a bitcoin ETF application.
• The “ARK 21Shares Bitcoin ETF” would tap 21Shares’ expertise in spinning up crypto exchange-traded products (ETPs), mostly in Europe.
• ARK and 21Shares join the swelling ranks of companies hoping this will be the year the SEC approves a bitcoin ETF.
• The SEC has swatted down dozens of bitcoin ETF proposals in recent years.
• Wood joined the board of Amun Holdings, the parent company of 21Shares, in May.