Empowered Funds Applies to List Three Bitcoin ETFs

Empowered Funds joins the list of investment firms awaiting spot Bitcoin ETF approval as it files its application.

Two robots discussing Bitcoin ETF and their calculations.
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  • Empowered Funds eyes spot Bitcoin ETFs.
  • The funds will trade under the label of other brands.
  • Other similar applications are still pending.

Alpha Architect’s subsidiary Empowered Funds has filed an application to list three new Bitcoin futures exchange-traded funds (ETFs) that will run under the labels of Ark Invest and 21Shares.

While the ETF products will bear the branding of the two investment management firms, 21Shares will serve as the funds’ subadvisor, as Ark Invest takes the role of a sub-subadvisor. Empowered Funds itself has been designated as the fund’s advisor.

The Trio’s Flagship

The anticipated ETF products include the Ark 21Shares Active Bitcoin Futures ETF, the Ark 21Shares Active On-Chain Bitcoin Strategy ETF, and the Ark 21Shares Digital Asset and Blockchain Strategy ETF.

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The Ark 21Shares Active Bitcoin Futures ETF has been earmarked as the flagship of the three. Besides serving as the foundational ETF for the other two funds, the fund will primarily focus on allocating its resources to the Bitcoin futures traded on the Chicago Mercantile Exchange.

Although there is no tentative date when the flagship Bitcoin ETF will become operational, ARK Investment Management founder and CEO Cathie Wood hinted that it would happen soon and in bulk in an interview with Bloomberg.  

Will the SEC Approve Bitcoin ETFs?

Though Ark is leveraging its resources to line up crypto funds, the future of a spot Bitcoin ETF remains uncertain in the U.S. The firm originally filed its application with the regulator in May, but it wasn’t until August 11 that the SEC invited the public to comment.

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The SEC has yet to approve spot Bitcoin ETF filings for Ark, Invesco, BlackRock, and Fidelity.

While Empowered Funds’ foray into the space hinges on the SEC approving its filing, the firm’s parent company, Alpha Architect, has an extensive portfolio of 15 ETFs with a combined asset value of $1.9 billion as of July 31.

Here is the reason why SEC is unlikely to approve spot Bitcoin ETF:
SEC Unlikely to Approve Spot Bitcoin ETF: Ex-SEC Chief

Are you new to crypto ETFs? Here is a resource:
Best Cryptocurrency ETFs in 2023: Which Funds Are Investing in The Blockchain Industry?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.