ARK Investment Management LLC (ARK), an active manager of thematic exchange-traded funds (ETFs), is pleased to announce that the ARK Web x.0 ETF (NYSEARCA: ARKW) has become the first ETF to invest in bitcoin. ARK has made its investment for ARK Web x.0 ETF through the purchase of publicly traded shares of Grayscale’s Bitcoin Investment Trust (OTCQX: GBTC).
ARK believes that bitcoin, a digital currency, could disrupt the $500 billion intermediary payment platform industry which includes credit cards, electronic payments and remittances, and might empower the creation of a new group of companies and industries. As a burgeoning form of payment, it has received acceptance from major companies such as Dell, Overstock and Expedia.
“We’re believers in bitcoin, the currency, and Bitcoin, the technology platform. We also believe that current prices present an attractive entry point for our investors,” said ARK’s Founder and Chief Investment Officer Cathie Wood. “Bitcoin is a disruptive innovation and while still in its infancy, interest has been growing rapidly in Silicon Valley, Wall Street and Washington, D.C.”
The ARK Web x.0 ETF invests in disruptive companies transforming all sectors of the economy. These changes are accelerating thanks to Internet-enabled mobile and local technological breakthroughs, which are revolutionizing consumer and business behavior.
“We’re excited to receive an investment into the Bitcoin Investment Trust from an innovative firm like ARK,” said Grayscale FounderBarry Silbert. “ARK, a pioneer in the investment community, is in good company. Recent news has highlighted Goldman Sachs, UBS and Citi for their initiatives in the digital currency space.”
ARK Web x.0 ETF is the first ETF on a U.S. exchange to invest in bitcoin. ARK’s investment in publicly traded shares of the Bitcoin Investment Trust (OTCQX: GBTC) will be valued each day at 4:00 PM ET at their then current daily market price.
“Grayscale is a leader in the bitcoin ecosystem, bridging the gap between digital currency and the broader investment community,” said ARK’s Chief Operations Officer Jane Kanter. “Our investment philosophy is to invest in innovative companies, and we’re glad to be making our own innovative mark within the ETF community.”