Tag: fidelity

Cathie Wood’s ARK Invest files to offer a Bitcoin ETF, BFSI News, ET BFSI

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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 $820 million worth of shares in cryptocurrency exchange Coinbase Global, making it the fund’s 10th largest holding. Coinbase has fallen 35% 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 is 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 $34,450, compared to its April peak of nearly $65,000.



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Fidelity applies to launch a bitcoin ETF, BFSI News, ET BFSI

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– Fidelity applied on Wednesday to launch an exchange traded fund to track the performance of bitcoin, the latest move on Wall Street to embrace the digital currency.

Fidelity’s Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp, according to a preliminary filing to the Securities and Exchange Commission.

“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” Fidelity said in an emailed statement.

Fidelity’s filing follows bitcoin’s surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors.

Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing.

Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said last week that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing.



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