Ark Invest grabbed headlines when it filed for an Ethereum ETF. This move is not just significant for Ethereum but for the entire cryptocurrency market. Let’s explore its significance and what it might mean for the emerging cryptocurrency, Bitcoin Spark (BTCS).
What is Ark Invest?
Cathie Cathie Wood founded Ark Invest, an investment management company in 2014. The firm’s innovative and forward thinking approach to investing has garnered significant attention within the financial industry. Ark Invest focuses its attention on disrupting technologies and industries. It aims to identify long-term investment opportunities in areas like autonomous technology, genomics and robotics.
Ark Invest, along with 21Shares (another asset manager), have submitted a regulatory application for an exchange traded fund (ETF) which would hold ether directly. This is the U.S.’s first attempt at listing a fund which directly invests ETH. The assets would be held by Coinbase (COIN), Custody Trust Company.
What is an Ethereum ETF?
A cryptocurrency exchange-traded fund, or ETF, tracks the performance of Ethereum. It is the second-largest crypto by market capitalization ,…