Despite the latest onslaught of scrutiny facing bitcoin across a number of countries, long-time bitcoin bull Cathie Wood appears to firmly hold her conviction that the cryptocurrency has a robust prospect, and as a result has filed for a bitcoin ETF.
According to a filing received by the SEC on Monday, Wood’s ARK Invest is petitioning to create a bitcoin ETF alongside European crypto issuer 21Shares, and if approved, would trade under the ticker symbol ARKB. Wood’s latest application marks the twelfth time the SEC has received a filing seeking permission to launch a bitcoin ETF.
Thus far, the SEC has remained relatively mum on cryptocurrencies, even postponing a decision to approve the first ever US bitcoin ETF last week. SEC Chairman Gary Gensler, who previously taught courses on digital assets at MIT, has recently called on increased regulation surrounding cryptocurrencies exchanges as well as more investor protections. However, according to a previous CNBC interview, Wood said that the regulator may turn tepid on cryptocurrencies, particularly alongside the leadership of the Biden administration.
Over the past several weeks, bitcoin has faced increased scrutiny by regulators and investors alike. The digital token came crashing from its all-time high of $63,000 in April, after several regions in China imposed stringent crypto regulations, while Tesla CEO Elon Musk decided to cease accepting bitcoin as payment for electric vehicles.
Information for this briefing was found via the SEC and CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.