According to a public regulatory file, ARK Invest, an asset management company at the helm of Cathie Wood, revised the prospectus of its fund ARK Next Generation Internet ETF (ARKW), which stated: "This fund may invest in the stocks of other funds. Including ETFs registered and listed in Canada (Canada Bitcoin ETF)".

According to Bloomberg ETF analyst Eric Balchunas, ARK Invest currently holds more than 8.5 million GBTC shares valued at approximately $313 million. Therefore, ARKW may sell some GBTC shares in favor of the Canadian Bitcoin ETF.

Canada is one of the few countries currently offering Bitcoin ETFs. Purpose launched its Bitcoin ETF as the first North American Bitcoin ETF in February, followed by Evolve and CI Galaxy’s Bitcoin ETF. All three funds are traded on the Toronto Stock Exchange.

By Mary Liu