21Shares, Cathie Wood’s ARK Investment believe ‘Persistence will pay off’ in 3rd filing for spot Bitcoin ETF
Swiss-based fintech company 21Shares has partnered with ARK Investment Management, founded by Cathie Wood, to refile for a spot Bitcoin exchange-traded fund (ETF) called ARK 21Shares Bitcoin ETF. This ETF aims to track Bitcoin’s price using the S&P Bitcoin Index. The U.S. Securities and Exchange Commission (SEC) has previously rejected two filings for the 21Shares and ARK spot Bitcoin ETF. Despite approving Bitcoin futures ETFs, the SEC has yet to approve a spot Bitcoin ETF. Cathie Wood attributes the recent rebound in Bitcoin and Ethereum prices to their auditable, transparent, and decentralized nature. She believes that traditional banks are becoming less auditable and transparent, leading investors to recognize the potential threat that cryptocurrencies pose to the current financial system….