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Ark Invest Joins Others to Apply for Bitcoin ETF Tracking BTC Futures

Ark Invests’ Cathie Wood is going all out as a Bitcoin bull. In SEC latest filing, Ark Invest is applying for a Bitcoin ETF tracking the BTC futures. More so, This on the heels of the SEC showing willingness to approve such a derivative product. Especially, rather than directly tracking the underlying asset ie. physical Bitcoin.

Furthermore, this shows that the ARK 21Shares Bitcoin Futures Strategy ETF trading plans to invest in bitcoin futures trading on the commodity exchanges. Of course, with the ticker symbol of ARKA.

Additionally, This is exactly the Bitcoin futures the Chicago Mercantile Group (CMG) is offering. More so, A white-label ETF-issuer Alpha Architect submits the filing on ARK’s behalf. Subsequently, Bloomberg Intelligence’s Eric Balchunas, says to the Grayscale Bitcoin Trust,

“It’s a no brainer for Ark because they will likely be able to instantly seed it with about…”
“half a billion that they currently have in GBTC. Having that kind of start is really helpful,…”
“especially if they are the seventh or eighth one approved. Ark also has a strong base of…”
“younger investors who probably would use this as well. Closest thing to a surefire hit as you’ll see.”

Ark Cathie wood’s Bullish Bitcoin Stake

Notably, Cathie Wood is one of the staunch supporters of Bitcoin, believing the flagship cryptocurrency can bring in multi-fold gains. Lastly, Recently, Wood alwsys males bBTC predictions, saying the price will hit 10x in the next five years.

Cathie Wood’s Ark Invest buys the dip during the June-July 2021 declines.

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