Cathie Wood's ARK Invest teams up on a bitcoin ETF

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Representations of the Bitcoin cryptocurrency are seen in this illustration picture taken June 7, 2021. REUTERS/Edgar Su/Illustration/File Photo

June 28 (Reuters) – (This June 28 story corrects headline and paragraphs 1, 2 and 4 to make clear that 21Shares, not ARK, filed to offer the ETF and that ARK is providing marketing)

Star stock picker Cathie Wood’s ARK Invest is teaming up with 21Shares US LLC, which filed with the U.S. Securities and Exchange Commission on Monday to create a bitcoin exchange traded fund (ETF), the latest fund manager attempting to cash in on investors’ growing interest in cryptocurrencies.

Wood, whose ARK Innovation ETF was the top-performing U.S. equity fund last year, has been a vocal proponent of bitcoin, and Wood’s firm will provide marketing for the proposed ETF, according to the filing.

Her flagship ARK Innovation fund (ARKK.P) owns around $820 million worth of shares in cryptocurrency exchange Coinbase Global (COIN.O), making it the fund’s 10th largest holding. Coinbase has fallen 35% since its stock market debut in April.

21Shares’ application to the SEC follows recent filings by Fidelity and CBOE Global Markets in March. The SEC has yet to approve a bitcoin ETF.

Bitcoin , tumbled in recent days to a two-week low as China’s expanding crackdown on bitcoin mining made investors more uncertain about the future of the leading cryptocurrency. Bitcoin on Monday traded at about $34,450, compared to its April peak of nearly $65,000.

Reporting by Noel Randewich; Editing by Himani Sarkar

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