Brendan McDermid | ReutersArk Invest President and COO Tom Staudt believes bitcoin is now a "public good" to which all investors should have access, as the company launches its first bitcoin exchange-traded fund.
watch nowThe ARK 21Shares Bitcoin ETF is one of six initially waiving fees, alongside the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Trust, the WisdomTree Bitcoin Fund, the Invesco Galaxy Bitcoin ETF and the Valkyrie Bitcoin Fund.
"This is a new asset class.
We haven't had a new asset class for financial portfolio allocation in quite some time, and with a new asset class comes lower correlation to the other asset classes previously allocated to."
Bitcoin was trading at around $47,300 on Thursday morning , according to Coin Metrics, and the SEC's decision has many analysts bullish about newly unlocked potential for massive gains.
Persons:
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Organizations:
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Locations:
New York City, U.S