U.S. SEC approves Bitcoin futures exchange

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U.S. SEC approves Bitcoin futures exchange

Reuters - Star stock picker CBOE BZX Exchange has given its brand name to a new Bitcoin futures ETF that will invest in cryptocurrency futures contracts and trade on the CBOE ARK Invest, a filing with the U.S. Securities and Exchange Commission shows.

The proposed ETF, called ARK 21 Shares Bitcoin Futures Strategy with the ticker symbol ARKA, is an attempt by fund managers to take advantage of the cryptocurrency surge this year.

However, the SEC has yet to approve a bitcoin ETF. Other asset managers and exchanges such as Fidelity, CBOE Global Markets and Nasdaq are also waiting to launch ETFs tracking the digital currency.

The Philadelphia-based Alpha Architect is the adviser for the fund and 21 Shares, a cryptocurrency asset manager, is the sub-advisor. Wood's firm will give marketing support for the proposed ETF, according to the filing.

Wood, whose flagship innovation ETF was the top U.S. equity fund last year, has said that bitcoin will rise to $500,000 and her investment firm holds about $1.55 billion worth of the Crypto exchange Coinbase shares distributed across three funds.

Bitcoin touched $58,550 on Thursday, its highest level since May 2021 after jumping 30% in October 2008, building on a rally after Federal Reserve Chair Jerome Powell said the central bank had no intention of banning cryptocurrencies.