Cathie Wood, the founder and CEO of Ark Invest, has been a prominent figure in the media discussing the first US-approved spot Bitcoin ETF (Exchange Traded Fund). Both Wood and her asset management firm have been long-term advocates of the cryptocurrency.
In a recent interview with the Schwab Network, Wood revealed that approximately 25% of her net worth has been invested in Bitcoin. However, she clarified that this figure is a rough estimate, and the actual percentage could be higher or lower. Wood expressed her confidence in the depth of their research, which has encouraged her to be more aggressive in this area. Although she only disclosed her Bitcoin holdings, hints were dropped about her owning other digital assets. She stated that her investments are either in their funds, private funds, or primarily in Bitcoin.
Following its approval, the Bitcoin ETFs have seen billions of dollars in trading volume within the first hour of launch. This indicates the eagerness of investors and institutions to gain exposure to cryptocurrency. The fund managers of the 11 Bitcoin ETFs, including VanEck, BlackRock, and Ark, are competing fiercely for market share of this new financial product. Shortly after the approval, Ark Invest released a new commercial to attract potential investors, highlighting their 0.25% management fee for the BTC-based product. Wood announced the ad via her official handle.
Despite the success of the BTC ETF, the preceding days were filled with issues and confusion. The US Securities and Exchange Commission (SEC) suffered a breach in its account, leading to the publication of a false report on the ETF approval. Wood commented on the incident and the long-term impact of a spot BTC ETF, stating that she found the situation strange when she saw the Bitcoin logo in an SEC tweet during an interview. She believes that Bitcoin is an extension of the democratization they aim to provide their clients, and it will become one of the most important assets in history.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Gary Gensler, Cathie Wood |
| Companies | Schwab Network, VanEck, BlackRock, US Securities and Exchange Commission, Ark Invest |
| Currencies | Bitcoin |
| Securities | None |
