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Ark Invest founder Cathie Wood passed on buying the first Bitcoin Futures ETF
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Ark Invest founder and CEO Cathie Wood did not invest in the ProShares Bitcoin Strategy Exchange Traded Fund, or ETF, on opening day, according to Business Insider.
Wood said about the ETF’s debut:
The contango of the ETF refers to when the future price of the commodity is higher than the spot price. Backwardation is when the forward price of the futures contract is lower than the spot price in a downward trend.
This past June, Cathie Wood’s Ark Invest partnered with 21 Shares to file for its own Bitcoin ETF. She is also no stranger to the equities market when it comes to investing in cryptocurrencies.
One of her fund’s, Ark Investment Management, was approved to invest in Canada’s Bitcoin ETF under the Ark Next Generation ETF. Ark Invest
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