Cathie Wood’s Ark Invest to Buy Canadian Bitcoin ETFs

Cathie Wood’s Ark Invest has filed to change the allowance in its prospectus to permit one of its funds, the ARK Next Generation Internet ETF (ticker ARKW), to gain exposure to digital currencies through “exchange-traded funds domiciled in Canada.” This move marks a whole new opportunity being sought by Ark Invest to bolster its cryptocurrency exposure.

Renowned for her backing of innovative and promising projects, Cathie Wood has a positive inclination toward the digital currency ecosystem. This disposition is made obvious with the firm’s investment in Coinbase Global, as well as in the shares of Grayscale Bitcoin Trust. Back in July, Ark Invest reportedly shored up its stake in Grayscale’s Bitcoin Trust by buying an additional 310,067 shares at the price of $25 per share via the ARK Next Generation Internet ETF (ARKW). The net purchase was nearly worth $7.8 million.

As one of the chief investors in the electric automaker, Tesla Inc, Ark Invest liquidated some of its Tesla holdings to invest aggressively in Coinbase. The Cathie Wood-led firm notably acquired 187,078 shares of Coinbase worth $64 million at $342 per share back in April.

Having established its stance with crypto, Cathie Wood has joined the proponents of the crypto ecosystem, firing shots at Tesla CEO, Elon Musk for inciting the previous Bitcoin correction on environmental degradation concerns. The current move to look into Canadian markets will further emphasize the Ark Invest leaning toward a new era of a crypto-led future.

Patience Running Out?

While the ARKW potential investment in the Canadian-based ETFs depicts a high level of confidence in the nascent world, it also signifies the lack of patience to wait for US-based Exchange Traded Funds, drawing on the SEC’s introduction of stricter rules for the numerous applications filed before it.

The decision to invest in Canada, a capital that would otherwise have been invested into the American economy, is also one of the biggest statements to the US Securities and Exchange Commission (SEC). 

Ark Invest, through its partnership with Swiss Firm 21Shares AG, has also joined the hoard of American firms and interest groups to file for a Bitcoin-based ETF. Neither the Ark Invest application nor those of the other firms are close to securing approval from the market watchdog. With the potentials it is seeing in Crypto ETFs products, Ark Invest seems to be tired of the indefinite wait for SEC’s approval.

The post Cathie Wood’s Ark Invest to Buy Canadian Bitcoin ETFs appeared first on Coingape.

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