Ark Invest founder and CEO Cathie Wood did not invest in the ProShares Bitcoin Strategy Exchange Traded Fund, or ETF, on opening day, according to.
Wood said about the ETF’s debut:
“No, we did not [invest]. We’re looking at this very carefully […] there are some tax ramifications we’d like to understand more having to do with contango versus more normal backwardation.”
Theof the ETF refers to when the future price of the commodity is higher than the spot price. is when the forward price of the futures contract is lower than the spot price in a downward trend.
This past June, Cathie Wood’s Ark Investwith 21 Shares to file for its own Bitcoin ETF. She is also no stranger to the equities market when it comes to investing in cryptocurrencies.
One of her fund’s, Ark Investment Management, wasto invest in under the Ark Next Generation ETF. Ark Invest owns 8.3 million , with making up a good percentage in Ark Invest’s portfolio.
In the spring,to three of its ETFs, Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).
Wood said she isfor the next to help her investors. FAANG is a stock market acronym describing the five biggest American tech stocks: Facebook, Amazon, Apple, Netflix and Google. The was initially coined by Jim Cramer in 2013.
Thehad the highest ever first day of natural volume for an ETF, and the second highest ETF on the overall volume on its first day of trading.