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Eric Balchunas Profile picture
Eric Balchunas
@EricBalchunas
Senior ETF Analyst for @Bloomberg. Dad. Rutgers grad. Gen X-er. Author of "The Institutional ETF Toolbox" & "The Bogle Effect.” Co-host of Trillions & ETF IQ.

Jun 28, 2021, 6 tweets

BOOM: ARK files for a bitcoin ETF (in collab with 21Shares). This would be bitcoin ETF filing #12.

While semi-shock, kinda makes sense as Cathie is on the board of 21Shares, which is a progressive bitcoin ETP issuer in Europe. They get US penetration and ARK can use own fund in their active ETFs. This pod/thread has good background on 21Shares ICYI:

While this def adds to excitement, I have recently become less bullish on bitcoin ETF approval the more I come to think SEC has hands tied by bigger forces in US gov. Thus, I think ETF may be in holding pattern until there's some kind of reg framework or crackdown on crypto.

Looks like this will track S&P's bitcoin index which uses the below exchanges:

Also interesting pretty sure this is this is first bitcoin ETF filing with a fee in the initital filing and it is 95bps, so gives idea of what the others may come in at. (ht @maybebullish )

Also has a ticker already: $ARKB

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