Ark Invest founder Cathie Wood approved the first purchase of Bitcoin Futures ETFs

Ark Invest founder and CEO Cathie Wood did not invest in the ProShares Bitcoin Strategic Exchange Fund or ETF on the opening day, according to Business Insider.

Wood said of the ETF launch:

“No, I’m not too much [invest]. We are examining this matter very carefully […] There are several tax breakdowns that we would like to understand better in the Contango than in the more conventional breakdown. “

The aspect of an ETF refers to a time when the futures price of a commodity is higher than the spot price. Backwardation occurs when the forward price of a futures contract is below the spot price in a downtrend.

Last June, Cathie Wood’s Ark Invest teamed up with 21 stocks to register their own Bitcoin ETF. She is also no stranger to the stock market when it comes to investing in cryptocurrencies.

One of their funds, Ark Investment Management, has been approved to invest in a Canadian Bitcoin ETF under the Ark Next Generation ETF. Ark Invest owns 8.3 million shares in the Grayscale Bitcoin Trust (GBTC), with Bitcoin and Ethereum making up a large proportion of Ark Invest’s portfolio.

In the spring, Ark Invest also added Coinbase shares to three of its ETFs, the Ark Innovation ETF (ARKK), the Ark Next Generation Internet ETF (ARKW), and the Ark Fintech Innovation ETF (ARKF).

Wood said she is looking for her next FAANG investment to help her investors. FAANG is an acronym that describes the five largest US technology stocks: Facebook, Amazon, Apple, Netflix, and Google. The term FANG was first coined in 2013 by Jim Cramer.

The Bitcoin Strategy ETF has the highest organic first day volume for an ETF and the second highest ETF in terms of total volume on the first day of trading.