Cathie Wood’s asset management firm Ark Invest has filed multiple applications for new Bitcoin ETFs, according to the latest submissions to the U.S. Securities and Exchange Commission (SEC). This comes following the approval of generic listing standards for crypto exchange-traded funds.
Cathie Wood’s Ark Invest Submits More Bitcoin ETF Applications
According to the new SEC filings on October 14, Cathie Wood’s Ark Invest submitted preliminary prospectuses for several Bitcoin exchange-traded funds (ETFs). This includes ARK Bitcoin Yield ETF, ARK DIET Bitcoin 1 ETF, and ARK DIET Bitcoin 2 ETF.
ARK Bitcoin Yield ETF aims to provide yield to investors from Bitcoin-linked strategies. The company also framed the product as a way for investors to generate income from BTC while reducing volatility. The fund will provide income by selling options and collecting option premiums over time. The fund may invest up to 25% of its total assets in Ark Invest.
Recently, BlackRock filed to list and trade iShares Bitcoin Premium Income ETF on Nasdaq. The fund also aims to provide a steady yield for income-focused investors.
ARK DIET Bitcoin 1 ETF aims to offer 50% downside protection. However, the fund will only participate on the upside after 5% increase in Bitcoin price. The performance will be measured from the start of the corresponding quarters.
Meanwhile, ARK DIET Bitcoin 2 ETF to offer downside protection of the first 10% losses. It will participate during upsides when BTC price is above its value at the beginning of each outcome period.
BTC Price Amid Inflows Into ARKB
Ark Invest 21 Shares Bitcoin ETF (ARKB) saw $6.8 million in inflows on Tuesday. Spot Bitcoin exchange-traded funds in the United States recorded $102.7 million in net inflows, the first following outflows for two days.
BTC price pared some gains and fell below $113K again, with the price currently down nearly 1%. The 24-hour low and high are $110,029 and $113,705, respectively. Fresh guidance on more Fed rate cuts by Jerome Powell caused a rise in trading volume by 30% in the last 24 hours, triggering a rebound in prices.
CoinGlass data showed cautious buying in the derivatives market in the past hour. However, the total BTC futures open interest dropped 2% to $72.74 billion in the last 24 hours. BTC futures OI on CME and Binance dropped more than 0.26% and 0.81%, respectively.