ARK Invest plans to expand the ARK brand into Bitcoin BTC futures contracts traded on commodity exchanges, according to a statement filed with the US Securities and Exchange Commission. Ark Invest and 21Shares have added a proposed offering to the mix under a white label provider.
The ARK 21Shares Bitcoin Futures Strategy ETF (ARKA) is an actively managed fund that invests in cash-settled exchange-traded bitcoin futures contracts traded on, or subject to the rules of, commodity exchanges registered with the Commodity Futures Trading Commission (CFTC), according to a regulatory disclosure filed on Wednesday, according to Blockworks.
White Label Alpha Architect will act as the investment advisor, while 21Shares will act as an auxiliary advisor to the fund. ARK Invest has agreed to provide marketing support for 21Shares, but will not make investment decisions or provide investment advice, the application said.
The planned offering may also invest in US Treasuries, money market funds, cash and other instruments to provide liquidity, serve as margin or collateralize for the fund's investments in bitcoin futures, the document notes. The fund does not invest directly in bitcoin or other digital assets.
Securities and Exchange Commission chairman Gary Gensler said during a virtual forum in August that his agency “look(s) forward” to reviewing ETFs that were limited to investing in bitcoin futures contracts. Some observers expect the SEC to approve one or more bitcoin futures ETFs next week.
The futures-based bitcoin ETF filing comes after ARK and 21Shares filed for a physically backed bitcoin ETF in June.
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