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Cathie Wood's ARK Invest files to offer a bitcoin ETF

Cathie Wood's ARK Invest files to offer a bitcoin ETF

FILE PHOTO: Representations of the Bitcoin cryptocurrency are seen in this illustration picture taken June 7, 2021. REUTERS/Edgar Su/Illustration/File Photo

REUTERS: Star stock picker Cathie Wood's ARK Invest filed with the U.S. Securities and Exchange Commission on Monday to create a bitcoin exchange traded fund (ETF), the latest fund manager attempting to cash in on investors' growing interest in cryptocurrencies.

Wood, whose ARK Innovation ETF was the top-performing U.S. equity fund last year, has been a vocal proponent of bitcoin.

Her flagship ARK Innovation fund owns around US$820 million worth of shares in cryptocurrency exchange Coinbase Global, making it the fund's 10th largest holding. Coinbase has fallen 35per cent since its stock market debut in April.

ARK's application to the SEC follows recent filings by Fidelity and CBOE Global Markets in March. The SEC has yet to approve a bitcoin ETF.

Bitcoin tumbled in recent days to a two-week low as China's expanding crackdown on bitcoin mining made investors more uncertain about the future of the leading cryptocurrency. Bitcoin on Monday traded at about US$34,450, compared to its April peak of nearly US$65,000.

(Reporting by Noel Randewich; Editing by Himani Sarkar)

Source: Reuters

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