The proposed ETF, called ARK 21Shares Bitcoin Futures Strategy, is an attempt by the fund managers to take advantage of the surge in cryptocurrency this year. However, the SEC has yet to approve a bitcoin ETF. Other asset managers and exchanges such as Fidelity, CBOE Global Markets and Nasdaq are also waiting for the green light to launch ETFs tracking the digital currency.
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Cathie Wood's ARK Invest throws weight behind new bitcoin futures ETF
Bitcoin touched $58,550 on Thursday, its highest level since May 2021 after jumping 30% in October, building on a rally after U.S. Federal Reserve Chair Jerome Powell last month said the central bank had no intention of banning cryptocurrencies.
