Cathie Wood’s ARKW gives itself authority to purchase Canadian Bitcoin ETFs

Cathie Wood's ARK Next Generation Internet ETF (NYSEARCA:ARKW) has amended its terms to authorize holding Canadian Bitcoin ETFs in its portfolio. Wood, an outspoken bull on cryptocurrencies such as Bitcoin (BTC-USD), adjusted the actively managed ARKW to allow such holdings, according to the ETF's revised prospectus. The prospectus now states that the fund "may have exposure to cryptocurrency such as Bitcoin indirectly through an investment in a grantor trust or in other pooled investment vehicles such as exchange-traded funds domiciled in Canada.” ARKW already has some crypto exposure through a 5.5% weighting in the Grayscale Bitcoin Trust (OTC:GBTC), which is the ETF's second-largest holding, according to ARKW’s latest portfolio report. The Canadian move represents another way for ARK to provide indirect exposure to crypto assets. The change comes at a time when the U.S. Securities Exchange Commission has yet to deem it legal for ETFs to directly hold Bitcoin and other crypto