Cathie Wood On Spot Bitcoin ETF Approval: 'Price-Moving Event,' Targets $4 Billion In Ark 21Shares Inflows

Cathie Wood, the founder, CEO and CIO of ARK Invest, told Bloomberg that “you can never say 100%” when she was asked about the Spot Bitcoin ETF approval expected Wednesday. 

The Ark21Shares Bitcoin ETF is one of the applicants awaiting the SEC's approval for a Spot Bitcoin ETF. In the long run, an approval would be a "price-moving event" for Bitcoin BTC/USD considering the "institutional players on board," she said Wood also called Bitcoin a "new asset class" and a technology "there is a lot to learn from."

Read Next: Cathie Wood Told Us What Bitcoin May Do - And Set Off A Major Rally

In an exclusive interview with Benzinga CEO Jazon Raznick in August 2023, the ARK Invest CEO voiced an ultra-bullish price target of $1 million for Bitcoin over the next five to seven years.

Initial Flows For ARCB: Wood said her fund has been meeting everyone from state pension funds to even some treasurers to secure initial flows into Ark21Shares Bitcoin ETF, which is slated for listing with the ticker "ARCB." Contrary to Ark's usual focus on retail investors, the ARCB fund will target institutional investors.

Institutions require a longer process with more due diligence to be completed, implying ARCB will not be an overnight success. Wood targets $4 billion in fund inflows and told Bloomberg it would be an "amazing success," although she did not specify a time frame for this.

What’s Next: Wood said she's optimistic "the learnings associated" with the ETF approval process will speed up the approval of potential future digital asset ETFs, although she qualified her statement with the words "that really depends on the SEC."

Also Read: Cathie Wood Says Bitcoin Has A Lot More Room To Run, ETF Approval Could Be 'Green Light' Moment

Cathie Wood photo courtesy of Ark Invest.