NCFAs innovation and funding ecosystem

Cathie Wood’s Ark grants itself power to buy Canadian Bitcoin ETFs

Financial Post | Sam Potter and Elaine Chen | Sep 13, 2021

Cathy Wood Ark Invest - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFsMoney 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.

Continue to the full article --> here


NCFA Jan 2018 resize - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFs The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFsFF Logo 400 v3 - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFscommunity social impact - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFs

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Cathie Wood's Ark grants itself power to buy Canadian Bitcoin ETFs



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Leave a Reply

Your email address will not be published. Required fields are marked *