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Ark Invest CEO Cathie Wood is reportedly joining Wall Street players in launching a new ETF that tracks Bitcoin futures. She is said to be providing the name of her company to the ETF, labeling it as "ARK 21Shares"
The ARK 21Shares Bitcoin Futures Strategy ETF, which will trade under ticker ARKA, will invest in Bitcoin futures contracts traded on the Chicago Mercantile Exchange.
Bitcoin hit $ 60,000 because of this news.
Alpha Architect filed the application, with 21Shares listed as a sub-consultant. And reportedly, Ark Investment Management agreed to provide marketing support for 21Shares.
Other companies like ProShares, Invesco and Galaxy Digital also applied to launch Bitcoin futures ETFs.
US regulators have long opposed Bitcoin ETFs amid wider regulatory caution in the crypto space. But SEC Chairman Gary Gensler made it clear that he is open to the idea of crypto ETFs, prompting speculation that the it is more likely to receive green light than cryptocurrencies themselves.
An ETF like ARKA will hold futures contracts that represent bets on whether the price of Bitcoin will rise or fall, much like ETFs that track oil and other commodities.
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