ARK Invest, founded by Cathie Wood, is planning a Bitcoin ETF

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Ark Invest has teamed up with 21Shares to establish a Bitcoin exchange-traded fund (ETF).

ARK Invest, founded by Cathie Wood, has entered the Bitcoin ETF competition.

ARK Invest intends to broaden its product offerings

In collaboration with 21Shares, ARK Invest is developing a Bitcoin ETF.

The revelation was revealed in a Securities and Exchange Commission S-1 filing on Monday (SEC).

The proposed ETF will provide ARK Invest customers with direct stock market exposure to Bitcoin. The S&P Bitcoin Index will be used to calculate the price, which is a compilation of price data from many major exchanges, including Bitfinex, Gemini, and Kraken.

Other well-known figures appear to be involved as well. The Bitcoin behind the ETF will be held by Coinbase, while the money will be administered and transferred by the Bank of New York Mellon.

Ark Invest has a track record of establishing emerging-market exchange-traded funds (ETFs). The firm’s Innovation ETF, which accounts for nearly half of ARK’s assets, is well-known. In addition, the business introduced a Space Exploration & Innovation ETF, which shocked investors.

Regulatory monitoring of crypto-asset funds is growing more severe as they become more popular. As a result, the SEC has granted extensions to numerous Bitcoin ETF applications to give the ideas more time to be reviewed. If authorized, ARK’s ETF should attract new investors looking to diversify their portfolios with Bitcoin.

Over the previous three years, ARK has been a well-known Bitcoin bull. Following the asset’s drop in May, the firm’s founder Cathie Wood set a price objective of $500,000 for Bitcoin. Unfortunately, it has yet to recover fully, selling at a 45 percent discount to all-time highs.

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