ARK Invest and 21Shares file for Bitcoin ETF launch

ARK Invest, an asset manager, and cryptocurrency ETP provider 21Shares filed a joint application to launch an exchange-traded fund (ETF) based on the first cryptocurrency.

According to the filing, the instrument is planned to be listed on the Cboe BZX exchange under the ticker ARKB.

The price of Bitcoin ETF shares will track the movement of the S&P BTC index. The latter is based on data from Binance, Bitfinex, Bitflyer, Bittrex, Bitstamp, Coinbase Pro, Gemini, HitBTC, Huobi, Kraken, KuCoin and Poloniex, which form a single price based on a combination of qualitative and quantitative indicators.

The custodian will be Coinbase, and the administrator and transfer agent — Bank of New York Mellon.

Analyst Erik Balchunas, in an interview Bloomberg, said that if approved, with assets of $1 billion could enter the U.S. market.

Cathie Wood of ARK Invest, a bitcoin advocate, owns shares in Grayscale products based on Bitcoin and Ethereum, as well as Coinbase securities. Wood sits on the board of directors of 21Shares.

Earlier in a Bloomberg interview, the CEO of ARK Invest said that the odds of approving a Bitcoin ETF rose after May correction. Bloomberg.

In June, the SEC extended the review period for Valkyrie Digital Assets’ bid to launch a Bitcoin ETF based on the first cryptocurrency.

Earlier the regulator again postponed consideration of VanEck’s Bitcoin ETF application.

Prior to that, the SEC issued a similar decision regarding Kryptoin Investment Advisor, as well as WisdomTree.

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