ARK Invest’s Cathie Wood
Alex Flynn/Bloomberg
Cathie Wood ‘s ARK Invest is doubling down on its efforts in the cryptocurrency space, and is buying up shares of a potential business partner.
ARK Invest is teaming up with 21Shares, an issuer of crypto exchange traded products outside the U.S., in trying to offer an ETF fund tracking bitcoin. The ARK 21Shares Bitcoin ETF would track the S&P Bitcoin index and trade on the Cboe BZX Exchange, according to a prospectus.
The Securities and Exchange Commission has yet to approve any cryptocurrency ETF.
The ARK Fintech Innovation ETF purchased Coinbase Global shares worth $20.3 million at the close on Monday, according to ARK Invest’s daily disclosure of its positions. That was the largest purchase of any security on Monday, and follows ARK Innovation ETF ‘s purchase of $53 million worth of the cryptocurrency exchange on June 22.
The Coinbase Global position is now 0.51% of the Ark Fintech fund. Coinbase would serve as custodian on the bitcoin ETF, the prospectus said.
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