Explore the significance of bitcoin as a public good and its impact on the financial industry as ARK Invest launches a spot bitcoin ETF. Learn about the competition in the space and investor interest.
Cathie Wood, CEO and CIO of ARK Invest, recently described bitcoin as a "public good." As her company launches one of the numerous spot bitcoin ETFs approved by the Securities and Exchange Commission, Wood emphasizes the importance of this digital currency.
According to Wood, bitcoin is like a layer of the internet that was not developed in the early '90s due to a lack of foresight regarding commerce and financial services. ARK Invest is not solely focused on maximizing profits with their 21 basis points (0.21%) fee on the ARK 21Shares Bitcoin ETF ARKB. Instead, they recognize the significance of bitcoin as a public good.
Competition is fierce in the spot ETF market, with around a dozen issuers looking to launch their own offerings. In terms of fees, Bitwise Asset Management currently holds the record with a 0.2% fee, closely followed by ARK 21Shares at 0.21%. VanEck, BlackRock, and Fidelity are not far behind with a 0.25% fee.
Investors are closely monitoring the developments in this space after the SEC's approval of spot bitcoin ETFs. As of now, bitcoin's value stands at $46,130, experiencing a 0.3% increase in recent dealings.
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