bitcoin logo mural" src="https://images2.markets.businessinsider.com/613f5462a30aeb0018b538c4?format=jpeg">
A bitcoin artwork by Stacey Coon, Anastasia Sultzer, and Nanu Berk at the Bitcoin 2021 convention..
Marco Bello/Getty Images
Cathie Wood's Ark gave itself clearance to buy Canadian bitcoin exchange-traded funds, SEC filings show.
The Ark Next Generation Internet ETF's prospectus now includes a reference to Canadian bitcoin funds.
The move comes as the US SEC has yet to approve applications for over a dozen US bitcoin ETFs.
Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Cathie Wood's Ark Investment Management just gave itself clearance to buy Canadian bitcoin exchange-traded funds, SEC filings show.
On Friday, the firm tweaked its Ark Next Generation Internet ETF's fund prospectus to include a reference to holding exposure to cryptocurrencies such as bitcoin indirectly through "exchange-traded funds domiciled in Canada."
The prospectus later listed "Canadian Bitcoin ETFs" as an example of a pooled investment vehicle ARKW may invest in.
The ETF already invests in bitcoin indirectly through the Grayscale Bitcoin Trust. GBTC is the second largest holding in ARKW, with a 5.52% weight that is worth over $313 million. Cathie Wood, the founder and CEO of Ark, is an outspoken bitcoin bull, and has praised the cryptocurrency's inflation-hedge properties. In May, she said her long-term price target for bitcoin is $500,000. Bitcoin is currently trading around $46,000.
Ark's move towards Canadian bitcoin ETFs comes as the US continues to delay approval of the investment vehicles in the country. Currently, the US SEC is sitting on over a dozen crypto-focused ETF applications.
ARKW slipped 1.1% after the Monday opening bell.
If you continue to use this site we will assume that you are happy with it.