Cathie Woods Ark Invest teams up with 21Shares to invest in a new ETF tracking bitcoin futures

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Well there certainly must be a lot of bitcoin etf applications piling up on sec chairs gary gensler’s desk there is a new one the arc 21 shares bitcoin features strategy etf yes arc is in that name kathy woods associated with it but not entirely involved jen jennifer schomberger is here to explain the story behind this good morning jen good morning julie that’s

Right kathy woods uh arc investment management firm looking to invest in a new bitcoin futures etf according to a brand new filing with the sec on wednesday now the f the people who have submitted this application uh are not arc investment management rather it’s an etf issuer called alpha architect along with subadvisor 21 shares arc investment is expected to

Provide marketing support not offer investment advice uh or investment decisions of course kathy wood a long time bitcoin bull she has predicted that bitcoin could soar to 500 000 over the next five years and she is joining the ranks on wall street for uh a hope that the sec will soon approve a a new bitcoin futures etf uh and that’s been one of the forces that’s

Been driving the price of bitcoin as of late uh investment firms have been rushing to submit applications after sec chair gary ginsler said he would be more open to approving one now when asked about the potential timing for an approval on a new bitcoin futures etf the sec says no update yet uh this morning an sec spokesman telling me filings are confidential and

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Are not made public and as such the sec does not comment on the existence or non-existence of filings now julie arc and 21 shares have filed previously for a bitcoin etf we all await with baited breath from the sec back to you jen uh for the crypto newbies out there how big of a deal would a would a bitcoin etf be for the industry it would be huge because you

Have a number of people who um can’t really access the coins unless they go directly to a cryptocurrency exchange so you would have a whole new class of investors that would be piling into this space and that could really fuel the price upward and jen just to be clear there are bitcoin etfs that trade outside of the united states correct yes and i would also

Say that there is a bitcoin trust so it’s a it’s called the grace gray scale a lot of folks invest in this um and it’s it’s a trust though that invests in bitcoin and we do know that there are futures that trade on the cboe the chicago mercantile exchange so cftc has authorized that uh but that’s a little bit different because you have to actually post cash in

Order to invest in those futures directly that would be different than an etf that the sec would have to approve indeed good to know that there are a lot of different ways to get in but not yet a u.s based etf we’ll see if there’s any news on that front soon and we’ll count on you to bring it to us jen schonberger thank you

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Transcribed from video
Cathie Wood's Ark Invest teams up with 21Shares to invest in a new ETF tracking bitcoin futures By Yahoo Finance