ARK Invest, an asset manager, and cryptocurrency ETP provider 21Shares filed a joint application to launch an exchange-traded fund (ETF) based on the first cryptocurrency.<\/p>\n
According to the filing, the instrument is planned to be listed on the Cboe BZX exchange under the ticker ARKB.<\/p>\n
The price of Bitcoin ETF shares will track the movement of the S&P BTC index. The latter is based on data from Binance, Bitfinex, Bitflyer, Bittrex, Bitstamp, Coinbase Pro, Gemini, HitBTC, Huobi, Kraken, KuCoin and Poloniex, which form a single price based on a combination of qualitative and quantitative indicators.<\/p>\n
The custodian will be Coinbase, and the administrator and transfer agent \u2014 Bank of New York Mellon.<\/p>\n
Analyst Erik Balchunas, in an interview Bloomberg<\/a>, said that if approved, with assets of $1 billion<\/a> could enter the U.S. market.<\/p>\n Cathie Wood of ARK Invest, a bitcoin advocate, owns shares in Grayscale products<\/a> based on Bitcoin and Ethereum, as well as Coinbase securities<\/a>. Wood sits on the board of directors of 21Shares<\/a>.<\/p>\n Earlier in a Bloomberg interview, the CEO of ARK Invest said that the odds of approving a Bitcoin ETF rose after May correction<\/a>. Bloomberg<\/a>.<\/p>\n In June, the SEC<\/span> extended<\/a> the review period for Valkyrie Digital Assets’ bid to launch a Bitcoin ETF based on the first cryptocurrency.<\/p>\n Earlier the regulator again postponed<\/a> consideration of VanEck’s Bitcoin ETF application. <\/p>\n Prior to that, the SEC issued a similar decision regarding Kryptoin Investment Advisor<\/a>, as well as WisdomTree<\/a>.<\/p>\n