Cathie Wood's Ark Investment Management is allowing one of its funds to invest in Canadian Bitcoin ETFs as the money manager seeks fresh ways to bet on digital assets.
In a late-Friday filing for the $5.7 billion ARK Next Generation Internet ETF (ticker ARKW), the firm tweaked the fund's prospectus to include reference to holding exposure to cryptocurrencies via "exchange-traded funds domiciled in Canada."
The move comes after the $1.3 billion Amplify Transformational Data Sharing ETF (BLOK), a blockchain-focused product, was last week shown to have a tiny stake in three Canadian Bitcoin ETFs.
Investors and issuers in the $6.8 trillion U.S. ETF market are still waiting for regulators to approve exchange-traded products investing in cryptocurrency. While Canada and Europe have raced ahead, a huge backlog of applications has built up with the Securities and Exchange Commission. Ark is among those in line, having teamed up with Switzerland-based 21Shares AG to file plans for a fund in the U.S.