Cathie Wood's Ark Lends Name to Bitcoin Futures ETF

But since the first attempt to launch a Bitcoin ETF in 2013, the SEC has refused to permit a fund that physically holds the cryptocurrency, citing concerns about fraud and manipulation.

Bitcoin futures, on the other hand, are viewed more favorably, since they are governed by the Chicago Mercantile Exchange and require investors to put down cash on margin to trade. For instance, investors in CME Micro Bitcoin futures have to put up a minimum of 35% of the amount that the futures contract represents.

"It's a no brainer for Ark because they will likely be able to instantly seed it with about half a billion that they currently have in GBTC," said Bloomberg Intelligence's Eric Balchunas, referring to the Grayscale Bitcoin Trust.

"Having that kind of start is really helpful, especially if they are the seventh or eighth one approved. Ark also has a strong base of younger investors who probably would use this as well. Closest thing to a surefire hit as you'll see," he added.

An Ark spokesperson declined to comment on Wednesday's filing.

Although 21Shares isn't well known stateside, the firm has gained recognition in Europe for its crypto exchange-traded products tracking everything from Bitcoin to Ripple and Polkadot. Wood joined the board of Amun Holdings Ltd., which operates 21Shares, in May after personally investing in the company.

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