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16 September 2021

ARK Invest Targets Canadian Bitcoin ETF Investment - Decrypt

ARK Invest Targets Canadian Bitcoin ETF Investment - Decrypt


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According to an amended SEC filing for the ARK Next Generation Internet ETF (ARKW), the fund may invest in the Grayscale Bitcoin Trust (GBTC) or “other pooled investment vehicles that invest in Bitcoin, such as exchange-traded funds that are domiciled and listed for trading in Canada (Canadian Bitcoin ETFs).”.

The Grayscale Bitcoin Trust (GBTC), the flagship investment product offered by Grayscale Investments, has some similarities with a Bitcoin ETF as it enables investors to trade shares in trusts holding large pools of Bitcoin.

However, GBTC’s historical premium—the difference between the price of GBTC shares and the underlying Bitcoin per share—turned negative shortly after the launch of the Canadian Bitcoin ETFs, signaling decreasing demand for the product.

According to Bloomberg ETF analyst Eric Balchunas, ARK Invest, which currently holds over 8.5 million shares of GBTC worth about $313 million, may dump its ARKW investment in GBTC in favor of the Canadian Bitcoin ETF.

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