Cathie Wood’s Ark Investment Management Cabinet has revised the prospectus for his arch near ETF Internet (ARKW) to open the possibility of investing in Cryptography (ETF) funds in Canada.
What happened: According to the filling of the Securities and Exchange Commission (SEC), the Fund may be invested in bitcoin (GBTC) or “other grouped investment vehicles that invest in Bitcoin ( Crypto: BTC), as shown by the funds that are domiciled and listed for negotiation in Canada (Canadian FNB Bitcoin).
In a recent Tweet, Analyst Bloomberg Etf Eric Balchunas hypothesized that the Ark sought to replace investments in ARKW GBTC with a Canadian FNB.
He said, “Interesting: The Ark has just changed the prospectus for $ ARKW say that the fund can invest in EFS encryption in Canada. I guess they want to exchange $ GBTC, that they have $ 350 million for one of the Canadians. ETF, which traces best. Blok $ just does that. “
He also mentioned that the GBTC dropped by 22%, while the Canadian FNB fell by 6%. “It’s enough significant dispersion,” he wrote. “I’m sure it irritates them.”
The ARK has more than 8.5 million GBTC shares, which is the second participation in the Fund.
last month, Yassine Elmandjra, Encryption Analyst at Ark Invest, said the total volume of Cryptocurrency trading approaches $ 16,000 billion and is already more than eight times what it was for all of the Last year.
With 8,524,285 shares held — a 5.52 per cent weight worth over $313 million — GBTC is the fund’s second-largest investment allocation. ARK may be seeking more bitcoin exposure through channels with higher liquidity, lower costs, and without having to deal with GBTC’s premiums, as evidenced by the recent supplement filed. In any case, the Next Generation Internet ETF will not be directly holding bitcoin.
The move comes as the SEC’s desk is inundated with applications. Grayscale has been waiting for regulatory approval to convert GBTC to an ETF, which the company announced in April. Valkyrie, NYDIG, VanEck, SkyBridge Capital, Global X, and Fidelity are among the companies that have filed for a bitcoin ETF to be listed in the United States. Despite the bright view given by experts, the SEC has made no actions this year to actualize the offering of a bitcoin ETF in the United States.