Ark Investment Management has filed to launch a new exchange-traded fund (ETF) to invest in Bitcoins. The firm plans to launch the ARK 21Shares Bitcoin Futures Strategy ETF under the ticker ARKA and invest the fund's assets in Bitcoin futures, Bloomberg has reported.
The US Securities and Exchange Commission (SEC) has received several new applications to launch ETFs after the regulator's chairman, Gary Gensler, recommended the funds be based on Bitcoin futures rather than the crypto spot market. In June, Ark Investment filed an application to launch the ARK 21Shares Bitcoin ETF under the ticker ARKB, which would track crypto movements in the S&P index. Bloomberg Intelligence analyst Eric Balchunas said:
"This is an obvious move for Ark due to the fact that they can immediately invest the 500 million they now hold in GBTC into it. Ark has a large base of younger investors who are likely to use the tool as well."
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Ark Invest plans to invest in "US dollar-settled futures contracts."
Crypto lending platform BlockFi has previously filed an application with the SEC to launch an ETF based on CME-traded Bitcoin futures under the provisions of the Investment Company Act of 1940.