Ark Invest Registers a Proposal to the SEC for Bitcoin ETF
A novel Exchange Traded Fund for Bitcoin (BTC) has been endowed by the prominent stock investment leader Cathie Wood’s terrain of ARK Invest in association with the Securities Exchange Commissions (SEC) of the US. Wood has been a long-standing advocate of the BTC crypto token and has made her stance on the crypto exchange publicly known.
Wood’s Exchange Traded Fund of ARK Innovation has been merited as an eminent and accomplished investment reserve operant in the United States. Presently the ARK Innovation reserve holds the Coinbase cryptocurrency’s authority, an exchange worth $820 million shares. However, due to its slowdown and economic slump reducing its value to 35% in April 2021, Coinbase hasn’t been a lucrative stock holding. Wood has also been an advocate of the Grayscale Bitcoin Trust, a cryptocurrency funding offer.
The SEC and ARK are adopting the up-to-date revenue filings regularities of CBOE international exchanges and Fidelity. However, the approval of an ETF for Bitcoin is still in a grey area as SEC has yet to sanction the crypto token. The motion to approve the first ETF for Bitcoin has been withheld to a later date next week. To date, there have been eight prior BTC Exchange Traded Funds intended for the approval of the US SEC.
If the SEC’s verdict approves and authorizes the Bitcoin ETF, the exchange will be represented with the stock ticker representative of ‘ARKB.’
The crypto-token Bitcoin hasn’t been faring well recently due to the ongoing social media criticism. From Tesla Owner Elon Musk refusing to render admittance to BTC coins to the Chinese government putting a dent in the BTC mining process in the country. The Bitcoin cryptocurrency was soaring to record-breaking heights in April 2021, trading at profits worth $65,000. However, the present scenario has witnessed a downfall of BTC valuation with exchanges worth $34,450.
ARK Invest has not turned a blind eye to the financial detriments of the crypto asset and its buoyancy in terms of revenue profits. However, they believe that estimated profits of projected forecasts depend on the profits of the Bitcoin crypto network, its adoption in entirety, and the magnitude of exchanges orchestrated with the BTC token for trading.
For the Bitcoin ETF pursuit, ARK Invest has built an alliance with 21 Shares for its implementation. The sentiment from Wood is hopeful, and she aims to curate an equalized investment portfolio for ARK Invest along with the BTC crypto token.