Ark Investment Management is a large American asset manager led by the well-known bitcoin (BTC) bull Kathie Wood. It recently emerged that Ark will enable their own funds to invest in Canadian bitcoin exchange traded funds (ETF).
Ark Invest and crypto
Bloomberg reports that a new application was submitted this Friday for the ARK Next Generation Internet ETF (ARKW). This fund is valued at approximately $5.7 billion. At the same time, the fund amended the brochure and now explicitly lists bitcoin ETFs in Canada.
This is not the first time Ark Invest has generated exposure to bitcoin and other cryptocurrencies for interested investors. For example, some of the asset manager’s funds already have more than 1 million shares from the American crypto exchange Coinbase.
Also, when the price of bitcoin was at a particularly low point a few months ago, Ark Invest has at least 450,000 shares of the Grayscale Bitcoin Trust (GBTC) bought with a market value of $13 million.
Apparently this went well, because exposure to bitcoin through Canadian ETFs is now also being added to the portfolio of Ark Invest.
Cathie Wood and Ethereum (ETH)
At the head of Ark is Cathie Wood. Cathie wood has been an outspoken advocate for the world of crypto for some time now. For example, Wood believes that a bitcoin price of $500,000 is absolutely not excluded. In addition, she indicates that the second-largest cryptocurrency ethereum (ETH) also has a bright future ahead.
“We believe that the price will be tenfold of where it is today so instead of $45,000 over $500,000,” says @CathieDWood on her #bitcoin price target over 5 years to @andrewrsorkin at @SALTConference. “Our confidence in ether has gone up dramatically.” pic.twitter.com/bIPyLRv6yg
— Squawk Box (@SquawkCNBC) September 14, 2021
Especially the big ones EIP-1559 update of the Ethereum network has boosted confidence in Wood’s project quite well. According to her, the shift to a proof of stake consensus model a serious progress.
It is clear that Cathie Wood and Ark Invest are not yet leaving the world of crypto behind. On the contrary, confidence in both bitcoin and ethereum is high. It therefore appears that adding bitcoin ETFs to the range will not be the last development of its kind for the asset manager.