Published: Jan. 11, 2024 at 12:53 p.m. ET
That’s Cathie Wood of ARK Invest explaining to CNBC Thursday why she describes bitcoin as a “public good,” as her company launches one of a slew of spot bitcoin ETFs following the Securities and Exchange Commission’s long-sought regulatory nod a day earlier.
See: Bitcoin ETFs finally approved after a chaotic, ‘embarrassing’ 24 hours for SEC
“It…
That’s Cathie Wood of ARK Invest explaining to CNBC Thursday why she describes bitcoin as a “public good,” as her company launches one of a slew of spot bitcoin ETFs following the Securities and Exchange Commission’s long-sought regulatory nod a day earlier.
See: Bitcoin ETFs finally approved after a chaotic, ‘embarrassing’ 24 hours for SEC
“It is a layer of the internet that developers didn’t build in the early ’90s because no one ever foresaw commerce or financial services,” she said, with ARK not looking to “maximize profits” as it charges a fee of 21 basis points, or 0.21%, on the ARK 21Shares Bitcoin ETF ARKB.
Of course, competition may also have something to do with the low fee. Around a dozen issuers are looking to launch spot ETFs. The lowest fee seen so far in a fund prospectus came from Bitwise Asset Management at 0.2%, according to Barron’s, followed by ARK 21Shares, while VanEck, BlackRock and Fidelity came in at 0.25%.
See: Spot bitcoin ETF ticker symbols are live. Here’s what investors are looking for after SEC approval.
Bitcoin
BTCUSD
was up 0.3% at $46,130 in recent dealings.
