One of Cathie Wood's Ark funds just gave itself clearance to buy Canadian bitcoin ETFs as the firm's crypto ambitions grow

© Marco Bello/Getty Images A bitcoin artwork by Stacey Coon, Anastasia Sultzer, and Nanu Berk at the Bitcoin 2021 convention.. Marco Bello/Getty Images

• Cathie Wood's Ark gave itself clearance to buy Canadian bitcoin exchange-traded funds, SEC filings show.
• The Ark Next Generation Internet ETF's prospectus now includes a reference to Canadian bitcoin funds.
• The move comes as the US SEC has yet to approve applications for over a dozen US bitcoin ETFs.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Cathie Wood's Ark Investment Management just gave itself clearance to buy Canadian bitcoin exchange-traded funds, SEC filings show.

On Friday, the firm tweaked its Ark Next Generation Internet ETF's fund prospectus to include a reference to holding exposure to cryptocurrencies such as bitcoin indirectly through "exchange-traded funds domiciled in Canada."

The prospectus later listed "Canadian Bitcoin ETFs" as an example of a pooled investment vehicle ARKW may invest in.

Video: Ark Invest's Cathie Wood: Several industries appear 'in harm's way' from lack of innovation (CNBC)

Ark Invest's Cathie Wood: Several industries appear 'in harm's way' from lack of innovation

CNBC See more videos

SHARE

SHARE

TWEET

SHARE

EMAIL

What to watch next

• 

  From soaring wages to used car prices, Jim Bianco warns inflation's bite is deepening

  
  CNBC
• 

  Jim Cramer says these 7 Covid-era winning stocks have staying power

  
  CNBC
• 

  Food prices could rise once Ukraine grain corridor ends, Rabobank analyst says

  
  CNBC
• 

  Russia-Ukraine grain deal: We're still in a relatively 'big hole,' says agricultural produce company

  
  CNBC
• 

  Cramer's lightning round: Sunrun is too speculative for me

  
  CNBC
• 

  Mar-A-Lago raided by FBI agents, according to Trump

  
  CNBC
• 

  Democrats respond to news of Mar-A-Lago raid

  
  CNBC
• 

  Trump issues statement on FBI raid of Mar-A-Lago

  
  CNBC
• 

  Los-Angeles based Fernish allows consumers to rent furniture, return when finished

  
  CNBC
• 

  How Tornado Cash blacklist by U.S. Treasury affects wider crypto ecosystem

  
  CNBC
• 

  FAA officially clears Boeing 787 Dreamliners for delivery

  
  CNBC
• 

  Senate Democrats pass 'Inflation Reduction Act' along party lines

  
  CNBC
• 

  ETF Edge, August 8, 2022

  
  CNBC
• 

  How a 26-year-old making $130,000 a year in Philadelphia spends his money

  
  CNBC
• 

  Senate passes Inflation Reduction Act, Biden's sweeping health care and climate bill

  
  CNBC
• 

  Two experts debate Inflation Reduction Act's potential impact on the U.S. economy.

  
  CNBC

Click to expand

Replay Video

• From soaring wages to used car prices, Jim Bianco warns inflation's bite is deepening Jim Bianco, Bianco Research, on the markets ahead of key inflation reports. With CNBC's Brian Sullivan and the Fast Money traders, Steve Grasso, Courtney Garcia, Guy Adami and Jeff Mills. CNBC
• Jim Cramer says these 7 Covid-era winning stocks have staying power The CNBC
• Food prices could rise once Ukraine grain corridor ends, Rabobank analyst says Carlos Mera, head of agri commodities market research at Rabobank, discusses the outlook for food prices amid Russia's war in Ukraine. CNBC

UP NEXT

The ETF already invests in bitcoin indirectly through the Grayscale Bitcoin Trust. GBTC is the second largest holding in ARKW, with a 5.52% weight that is worth over $313 million. Cathie Wood, the founder and CEO of Ark, is an outspoken bitcoin bull, and has praised the cryptocurrency's inflation-hedge properties. In May, she said her long-term price target for bitcoin is $500,000. Bitcoin is currently trading around $46,000.

Ark's move towards Canadian bitcoin ETFs comes as the US continues to delay approval of the investment vehicles in the country. Currently, the US SEC is sitting on over a dozen crypto-focused ETF applications.

ARKW slipped 1.1% after the Monday opening bell.