ARK Invest, the asset management firm led by well-known investor Cathie Wood, has filed to launch two new cryptocurrency exchange-traded funds (ETFs).
One fund will track the CoinDesk 20, a benchmark of the most liquid digital assets such as Bitcoin (BTC) and Ethereum (ETH).
The other ETF will also track the CoinDesk 20 index but exclude Bitcoin.
Rather than holding cryptocurrencies directly, the proposed ARK Invest ETFs will rely on cash-settled, regulated futures contracts to mimic the index's daily performance.
In a filing with the U.S. Securities and Exchange Commission (SEC), Ark Invest said that both ETFs are designed to give investors access to crypto without having to own digital assets.
The funds would list on NYSE Arca exchange. An exact date for their approval and launch hasn’t been announced.
ARK Invest is one of several asset managers applying to launch new crypto ETFs that are popular with investors.
WisdomTree and ProShares have also recently proposed new crypto index ETFs. None of the filings have yet been approved for trading by the SEC.
ARK Invest already offers Bitcoin ETFs that track the spot price of the largest cryptocurrency.
As a private company, ARK Invest’s stock doesn’t trade on a public exchange. Bitcoin is currently trading at $87,900 U.S., having declined 13% over the past 12 months.
