Ark Invest is gearing up to offer a Bitcoin exchange-traded fund(ETF) to investors eager for exposure to crypto markets. The revelation was made in a Securities and Exchange Commission(SEC) filing indicating that star investor Cathie Woods has joined the cohort of ETF applicants waiting for the regulator’s nod. Ark Invest Applies With SEC for Bitcoin ETF The intended fund will provide investors with regulated exposure to Bitcoin trading and track its performance. Once approved, it will trade under the ticker acronym “ARKB” in the market. Ark added a section titled “Risk factors” to its filing, where it acknowledged the volatility associated with cryptocurrencies. It elaborated on the subject and stated within the filing that, “Bitcoin has a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of bitcoin and, in turn, a limited basis for evaluating an investment in bitcoin.” Furthermore, the firm has also noted that Bitcoin does not derive its market value from any company, government, or asset. The filing underlines that Bitcoin’s price depends on investors’ expectations of the network, the number of BTC transactions, and the overall use of Bitcoin as a digital asset. According to the document, this makes Bitcoin’s value speculative and increases its volatility, due to which investors may experience considerable gains or losses depending on “the valuation of bitcoin.” Ark Invest Staked $820 Million in Coinbase Global Cathie Woods’ Ark Invest is no stranger to investments in the crypto sphere. For instance, it owns shares worth $820 million in cryptocurrency exchange Coinbase Global, making it the company’s tenth-largest holding. Woods herself is quite bullish about the flagship crypto and projected in May that it will touch $500,000 at one point. Meanwhile, Bitcoin prices have been struggling to overcome the impact of China’s clampdown on crypto mining and trading activities leaving investors uncertain about its future trajectory. At the time of writing, BTC was trading at $34,723, which is far below its mid-April peak of $65,000.
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