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Ark Invest Files with the SEC to Offer a Bitcoin ETF with 21Shares

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Despite going through tough market times, Bitcoin (BTC) continues to impress institutional investors as another investment firm, ARK Invest files with the SEC to offer a Bitcoin ETF.

 

According to a prospectus filed with the US Securities and Exchange Commission (SEC) on Monday, June 28, Ark Invest will try to cash in growing investors’ interest in crypto assets by offering a Bitcoin ETF, named ARK 21Shares Bitcoin ETF.

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To make this happens, Ark Invest has teamed up with Swiss-based 21Shares AG’s U.S. affiliate, which will serve as the filer and issuer of the ARK 21Shares Bitcoin ETF. If approved, the ETF will be listed on the Cboe Global Markets’ BZX Exchange under the ticker symbol “ARKB”.

According to the filing, NASDAQ-listed Coinbase Global’s custodial unit, Coinbase Custody, will serve as custodian of the ETFs holding and would use S&P Bitcoin Index as its benchmark. The Bank of New York Mellon will serve as ETF administrator and provide administrative, tax, and accounting services and financial reporting for the maintenance and operations of the ARK 21Shares Bitcoin ETF.

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With this filing, ARK invest has joined the list of companies that are waiting for SEC approval for their Bitcoin ETF offerings. The US SEC is currently reviewing Bitcoin ETF filings from Kryptoin, WisdomTree, Fidelity, VanEck, and Anthony Scaramucci’s Skybridge Capital. Among these companies, VanEck and WisdomTree have also filed for Ethereum ETF. But the regulator still hasn’t approved a single Bitcoin ETF yet.

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ARK Invest is an investment management firm based in New York. The firm is best known for its innovation ETF that was the top-performing U.S. equity fund last year. ARK Innovation fund also owns around $820 million worth of shares in cryptocurrency exchange Coinbase Global and has made large investments in Grayscale Bitcoin Trust (GBTC). The filing doesn’t come as surprise as ARK Invest CEO Cathie Wood has always been a vocal supporter of Bitcoin.

It has been two tough months for the cryptocurrency market as Bitcoin plummeted below $30,000 last week after reaching an all-time high (ATH) of nearly $65,000 in April amid frequent teasing of Chinese regulators on the crypto and Bitcoin mining industry. But the largest crypto asset by market cap has also seen great developments in these months, such as El Salvador making Bitcoin as legal tender and huge progress around the Taproot upgrade.

Furthermore, Mexican billionaire and the owner of Banco Azteca bank, Ricardo Salinas Pliego, said he was pushing his country to accept the cryptocurrency and his bank was working to become the first bank in Mexico to accept Bitcoin.

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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