Change of Position from Previous Coinbase and Bitcoin Trust Investments
[Asia Economy New York=Special Correspondent Baek Jong-min] Ark Asset Management, managed by 'Money Tree Sister' Cathie Wood, has submitted an application to list a Bitcoin exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).
According to CNBC, Ark Management has transformed from indirect investment in Bitcoin to direct investment, reporting this development. With this, the number of Bitcoin ETF listing applications has increased to nine.
Bitcoin bull Wood previously invested indirectly in Bitcoin by purchasing Coinbase and Grayscale Bitcoin Trust, but now aims to purchase Bitcoin directly through an ETF.
However, it is uncertain whether the SEC will approve Ark's Bitcoin ETF. The SEC recently postponed its decision to approve the first-ever Bitcoin direct investment ETF.
Gary Gensler, SEC Chairman, holds the position that investor protection and regulation of cryptocurrency exchanges are necessary before approving Bitcoin ETF listings.
On the day, the Ark Innovation ETF stock price rose 3% to close at $130. This is the highest price in the past two months. The Ark Innovation ETF rebounded by 30% from a low of $99 in mid-May.
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