Argentina’s National Securities Commission (CNV) approved the first ETF CEDEARs. Among them is the Ark Innovation ETF (ARKK), which includes among its holdings the exchange of bitcoin (BTC) and cryptocurrencies, Coinbase.
The cedars (Argentine certificates of deposits) are financial instruments that are traded as if they were shares on the local stock exchange, in Argentine pesos, but They “wrap” stocks from other countries.
Days ago, the CNV allowed for the first time that exchange-traded funds (or ETFs) have joined CEDEAR’s offering.
In addition to including Coinbase, ARKK could, as indicated by its prospectus, have indirect exposure to bitcoin (BTC) through participation in the GBTC fund of the company Grayscale. Anyway, at the time of writing this article, as can be seen on its website, does not hold GBTC in its possession.
Other companies that make up the Ark Innovation ETF, in addition to Coinbase, are Tesla, Zoom, Spotify, Block, and Twitter. In total, 44 financial assets make up this fund, all companies specialized in new technologies.
«ARKK is an actively managed exchange-traded fund that seeks long-term capital growth by investing under normal circumstances mainly (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the topic Investment Fund: Disruptive Innovation ”.
ARK Investments, investment company.
This disruptive innovation, as defined by ARK, is defined as “the introduction of a new technologically enabled product or service that potentially changes the way the world works.”
The company adds: “Companies within ARKK include those that depend on or benefit from the development of new products or services, technological improvements and advances in scientific research related to the areas of DNA technologies and the genomic revolution; automation, robotics and energy storage; artificial intelligence; and Fintech innovation ».
ARKK’s original share (not CEDAR) is listed on the New York Security Exchange (NYSE). Today its price is USD 86.70. It’s historical maximum, reached on February 12, was USD 156.58.
Other approved CEDEARs and bitcoin companies on the Argentine stock market.
The other CEDAR ETFs that were approved by the CNV together with ARKK are SPDR S & P500, Invesco NASDAQ 100, iShares Russell 2000, iShares MSCI Emerging Markets ETF, Financial Select Sector SPDR Fund, Energy Select Sector SPDR Fund, SPDR Dow Jones Industrial Average and iShares MSCI Brazil.
There are already companies in the form of CEDAR on the Argentine stock market that, in one way or another, are related to bitcoin, including Mercado Libre and Square. As CriptoNoticias has reported, both hold BTC in their treasuries.