Cathie Wood’s Ark invests in Canada’s Bitcoin ETF

Cathie Wood’s Ark Invest has filed a grant amendment in its prospectus to allow one of its funds, ARK Next Generation Internet ETF (code ARKW), to access digital currencies through “Canadian-based exchange-traded funds.” This move by Cathie Wood’s Ark to buy a Canadian Bitcoin ETF represents a brand new opportunity Ark Invest is looking for to increase its crypto exposure.

Cathie Wood’s Ark invests in buying Canadian Bitcoin ETF.

Cathie Wood’s Ark invests in buying Canadian Bitcoin ETF.

Cathie Wood supports innovative and promising projects and has a positive attitude towards the digital currency ecosystem. This disposition is evident in the company’s investment in Coinbase Global and the Grayscale Bitcoin Trust shares. Ark Invest reportedly bought back its stake in Grayscales Bitcoin Trust as early as July by purchasing an additional 310,067 shares at USD 25 per share via the ARK Next Generation Internet ETF (ARKW). The net purchase value was nearly $ 7.8 million.

As a significant investor in electric car maker Tesla Inc., Ark Invest has liquidated some of its Tesla holdings to invest heavily in Coinbase. The company, led by Cathie Wood, bought back 187,078 shares of Coinbase in April, valued at $ 64 million at $ 342 per share.

After Cathie Wood finalized her position on crypto, she joined advocates of the crypto ecosystem. She fired on Tesla CEO Elon Musk for previously inciting Bitcoin regulation on concerns about environmental degradation. Your current move into looking at the Canadian markets will further underscore Ark Invest’s move into a new era of a crypto-controlled future.

While ARKW’s potential investment in Canada-based ETFs shows a high level of confidence in the emerging world, it also shows the impatience of waiting for publicly traded funds to be set up on the applications filed before it.

The decision to invest in Canada, a source of capital that would otherwise be invested in the US economy, is also one of the most significant statements ever made to the US Securities and Exchange Commission.

Ark Invest has also joined a list of US companies and stakeholders applying for a Bitcoin-based ETF through a partnership with the Swiss company 21Shares AG. Neither the Ark Invest app nor the other companies’ apps received approval from the market regulator. Given the potential seen in Crypto ETFs products, it appears Ark Invest has grown tired of waiting indefinitely for SEC approval.

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