According to the announcement, the new ETFs will leverage on-chain signals to aim for long-term revenue through strategic investments in publicly traded stocks of companies involved in the blockchain industry, blockchain technology applications, Bitcoin, and Ethereum futures contracts.
The new ETFs from Ark Invest and 21Shares, totaling five products, will commence trading and be listed on the Chicago Board exchange, Cboe, next week.
Ark Invest emphasized that “both funds and underlying ETFs do not invest directly in Bitcoin, digital assets or maintain direct exposure to Bitcoin Spot. Investors looking for direct exposure to Bitcoin prices should consider an alternative investment outside of the fund.”
It’s noteworthy that Ark Invest is launching the new ETFs amidst the anticipation in both the traditional financial and cryptocurrency worlds for the SEC’s decision on Bitcoin ETF Spot funds. Bitcoin prices have risen on the expectation that Bitcoin ETF Spot funds will soon be approved.
In particular, in November, the SEC will make decisions on three ETF funds from Global X, Hashdex, and Franklin. The specific deadlines are on November 17th and November 21st, 2023. It is expected that the SEC will continue to delay the approval for these three funds.
As for the November 11th deadline for the ARK 21Shares ETF, the SEC has previously indicated that they will postpone it to 2024.
However, although these three funds are not as large as those from Blackrock or Grayscale, they still have the potential to impact the price of BTC.