Cathie Wood’s ARK Invest and 21Shares Apply for Ethereum and Bitcoin ETFs
Cathie Wood’s ARK Invest and 21Shares have submitted an application to the SEC for two futures exchange-traded funds (ETFs) focused on ether (ETH) and bitcoin (BTC). The ETFs, named ARK 21Shares Active Ethereum Futures ETF (ARKZ) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY), will not directly invest in the digital assets but instead focus on cash-settled futures contracts traded on registered commodity exchanges. ARKZ will allocate at least 25% to ether futures products, while ARKY will invest at least 25% in both ether and bitcoin futures products.
Key points:
– ARK Invest and 21Shares have jointly applied for two ETFs involving ether and bitcoin.
– The ETFs will focus on cash-settled futures contracts.
– ARKZ will invest at least 25% in ether futures products, while ARKY will invest at least 25% in ether and bitcoin futures products.
– Several firms have filed for ether futures ETFs this month.
– The SEC is reportedly ready to approve these ether-related ETFs.
Hot Take
The joint application by ARK Invest and 21Shares for Ethereum and Bitcoin ETFs adds to the growing list of firms looking to launch similar products. With the SEC reportedly ready to approve these ETFs, it signals a positive step towards the mainstream adoption of cryptocurrencies. As more financial institutions enter the crypto space, it provides investors with additional opportunities to gain exposure to digital assets through regulated and accessible investment vehicles. This development further supports the narrative that cryptocurrencies are here to stay and are becoming increasingly integrated into traditional financial markets.
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