Ark Investments to Allow Funds to Invest in Cryptocurrency ETFs in Canada
TokenInsight news, Ark Investment Management has amended the prospectus for its Next Generation Internet ETF (ARKW) fund to open up the possibility of investing in cryptocurrency ETFs in Canada, according to a filing with the SEC this Friday. The revised filing indicates that the fund can invest in GBTC or "other bitcoin-based investment vehicles such as cryptocurrency ETFs registered and listed for trading in Canada."
Bloomberg ETF analyst Eric Balchunas speculates that Ark is looking to replace ARKW's investment in GBTC with a Canadian ETF. ARKW currently holds more than 8.5 million shares of GBTC, making it the fund's second-largest holding. And while GBTC is down 22% this year, the Canadian ETF is down just 6%.