On June 28, the asset management ARK Invest applied with the US SEC to create its BTC-based exchange-traded fund.
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The company's founder and CEO, Catherine Wood, who has always supported innovations, now has a goal to offer a Bitcoin-based product.Despite the present price decline, Catherine Wood believes the BTC price will hit $500.000 in the future. Previously, ARK invest purchased Coinbase and GrayScale Bitcoin Trust shares. If verified, the fund would operate under the symbol “ARKB.” ARK Invest is cooperating with major crypto Exchange-Traded Products issuer 21Shares to release the fund. In the large-volume application, ARK Invest gave a detailed explanation of how they are planning to arrange the product's work. Also, they turned to BTC markets, regulations, and risks that investing in Bitcoin involves.
The SEC hasn't approved any Bitcoin ETF yet. On June 16, the agency put off VanEck's decision.
With ARK Invest's filing, the number of filings for Bitcoin ETFs now is 9.Currently, Bitcoin trades at around $35.000 with a market cap of $655.7 B.