The latest financial institution to file for a bitcoin exchange-traded fund (ETF) is Cathie Wood’s Ark Investment Management.
The ARK 21Shares Bitcoin Futures Strategy ETF plans to invest in exchange-traded bitcoin futures under the ticker ARKA.
However, the U.S. Securities and Exchange Commission has yet to approve one and the queue is getting longer with more than 20 already filed.
According to reports, the filing was made on Oct 13 by ETF issuer Alpha Architect, with 21Shares listed as the sub-adviser and Ark providing the marketing.
21Shares is not well known in the U.S. but has gained recognition in Europe for crypto ETPs that track a range of digital assets such as BTC, XRP, and DOT.
Futures products are likely to be the first to gain approval. This is because they are viewed more favorably as they are governed by the Chicago Mercantile Exchange (CME) and require investors to put down cash on margin to trade.