Ark Invest founder and CEO Cathie Forest did non invest in the ProShares Bitcoin Strategy exchange-traded fund (ETF) on opening solar day, according to Business organization Insider.

Forest said virtually the ETF's debut:

"No, we did not [invest]. We're looking at this very carefully […] at that place are some tax ramifications nosotros'd like to understand more having to do with contango versus more normal backwardation."

The contango of the ETF refers to when the future toll 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 downwardly trend.

This past June, Wood's Ark Invest partnered with 21 Shares to file for its own Bitcoin (BTC) ETF. She is besides no stranger to the equities market place when information technology comes to investing in cryptocurrencies.

One of her funds, Ark Investment Management, was canonical to invest in Canada'south Bitcoin ETF under the Ark Adjacent Generation ETF. Ark Invest owns 8.iii million shares of Grayscale Bitcoin Trust (GBTC), with Bitcoin and Ether (ETH) making up a practiced per centum in Ark Invest'due south portfolio.

In the bound, Ark Invest also added Coinbase stock to three of its ETFs, Ark Innovation ETF (ARKK), Ark Adjacent Generation Cyberspace ETF (ARKW) and Ark Fintech Innovation ETF (ARKF).

Wood said she is looking for the next FAANG investment to help her investors. FAANG is a stock market acronym describing the five biggest American tech stocks: Facebook, Amazon, Apple, Netflix and Google. The FAANG term was initially coined by Jim Cramer in 2022.

The Bitcoin Strategy ETF had the highest-e'er first day of natural volume for an ETF, and the 2nd-highest ETF on the overall book on its first day of trading.