Cathie Wood’s Ark grants itself power to buy Canadian Bitcoin ETFs
Financial Post | Sam Potter and Elaine Chen | Sep 13, 2021
Money manager seeking fresh ways to bet on digital assets
Cathie Wood’s Ark Investment Management is allowing one of its funds to invest in Canadian Bitcoin ETFs as the money manager seeks fresh ways to bet on digital assets.
In a late-Friday filing for the US$5.7-billion ARK Next Generation Internet ETF (ticker ARKW), the firm tweaked the fund’s prospectus to include reference to holding exposure to cryptocurrencies via “exchange-traded funds domiciled in Canada.”
The move comes after the US$1.3-billion Amplify Transformational Data Sharing ETF (BLOK), a blockchain-focused product, was last week shown to have a tiny stake in three Canadian Bitcoin ETFs.
See: Bitcoin ETF option gives investors a safer and liquid way to get exposure
Investors and issuers in the US$6.8 trillion U.S. ETF market are still waiting for regulators to approve exchange-traded products investing in cryptocurrency. While Canada and Europe have raced ahead, a huge backlog of applications has built up with the Securities and Exchange Commission. Ark is among those in line, having teamed up with Switzerland-based 21Shares AG to file plans for a fund in the U.S.
ARKW already boasts some Bitcoin exposure — about 5.5 per cent of the fund is invested in the Grayscale Bitcoin Trust (GBTC), according to data compiled by Bloomberg.
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