This week ARK Investment became the first ETF to invest in Bitcoin, purchasing publicly traded shares of Grayscale's Bitcoin Investment Trust (GBTC), which are linked to the price of bitcoin directly, for ARK’s Web x.0 ETF fund.
ARK Investment Management LLC (ARK) is an exchange-traded fund (ETF) with thirty years of experience in sourcing and investing in breakthrough ideas that have has significant impact across many industries.
Barry Silbert, the founder of Grayscale Investments, said:
"We're excited to receive an investment into the Bitcoin Investment Trust from an innovative firm like ARK. ARK, a pioneer in the investment community, is in good company. Recent news has highlighted Goldman Sachs, UBS and Citi for their initiatives in the digital currency space."
ARK believes that Bitcoin can completely change the payment industry. This includes credit cards, electronic payments and remittances. Founder and Director of Investment ARK Cathie Wood commented in the press release:
"Bitcoin is a disruptive innovation and while still in its infancy, interest has been growing rapidly in Silicon Valley, Wall Street and Washington, D.C."
Additionally, ETF.com asked Cathie Wood about the decision to invest in Bitcoin shares right now.
“We believe the Bitcoin platform could be as big as the Internet platform, which, in its early days, also faced tests associated with illicit activities,” she opined. “We would prefer to invest after, rather than before, such tests. We have been impressed that the bitcoin price has stabilized in the US$200-300 range. It could have imploded but has survived.”
