ARK Web x.0 ETF Invests in Bitcoin
NYC based active manager of thematic exchange-traded funds (ETFs), ARK Investment Management LLC has announced that the ARK Web x.0 ETF has become the first ETF on a U.S. exchange to invest in bitcoin. This investment was made via ARK by purchasing publicly traded shares of Greyscale’s Bitcoin Investment Trust.
Cathie Wood, Chief Investment Officer and Founder of ARK, stated: “We’re believers in bitcoin, the currency, and bitcoin, the technology platform. We also believe that current prices present an attractive entry point for our investors. Bitcoin is a disruptive innovation and, while still in its infancy, interest has been growing rapidly in Silicon Valley, Wall Street and Washington, D.C.”
ARK Web x.0 ETF invests in disruptive companies across all sectors of the economy. Chief Operations Officer Jayne Kanter commented: “Grayscale is a leader in the bitcoin ecosystem, bridging the gap between digital currency and the broader investment community. Our investment philosophy is to invest in innovative companies, and we’re glad to be making our own innovative mark within the ETF community.”
The founder of Greyscale, Barry Silbert, mentioned that he was excited to have ARK’s investment, adding they were in “good company” with Goldman Sachs, UBS and Citi making investments into digital currency.