It's been about two years since spot Bitcoin exchange-traded funds (ETFs) started trading in the U.S., marking a seminal event in the histories of both the ETF industry and the broader cryptocurrency space. One of the most significant funds in this still young ETF category is the ARK 21Shares Bitcoin ETF (NYSEMKT: ARKB). Just a couple of weeks past its second birthday, the ARK ETF is home $3.3 billion in assets under management (AUM), meaning just five crypto ETFs of any variety are larger than this fund. ...

Core Viewpoint - Nasdaq is seeking SEC approval to remove restrictions on options trading for crypto ETFs, which could enhance market accessibility and trading fairness for investors [1][3]. Group 1: Nasdaq's Proposal - Nasdaq filed a form with the SEC to amend options position and exercise limit rules for certain crypto assets [1]. - The proposed rule change aims to eliminate the previous 25,000 position and exercise limit restrictions for options on crypto ETFs [3]. - Nasdaq is requesting immediate effectiveness of the proposal, asking the SEC to waive the standard 30-day delay [4]. Group 2: Impact on Crypto ETFs - If approved, the rule change will affect various crypto funds, including those linked to Bitcoin and Ethereum launched by major asset managers like BlackRock and Fidelity [2]. - As of January 22, spot Bitcoin ETFs have total net inflows of $56.6 billion, while spot Ether ETFs have $12.34 billion in inflows [4]. Group 3: Market Implications - Nasdaq believes the change will promote "just" and "equitable" trading principles, eliminate discrimination, and foster a free and open market [3]. - The exchange asserts that the proposal does not impose significant burdens on competition and aims to protect investors [4].

Core Viewpoint - Ark Invest, led by Cathie Wood, has launched a spot Bitcoin exchange-traded fund (ETF) to provide investors with easy access to Bitcoin without the complexities of direct purchase and storage [1][2]. Group 1: ETF Overview - The ARK 21Shares Bitcoin ETF (NYSEMKT: ARKB) tracks Bitcoin's price by holding actual Bitcoin tokens and distributing shares based on ownership, facilitating investment for various types of investors [2]. - The ETF charges a management fee of 0.21%, which is the only fee incurred when purchasing the ETF [3]. Group 2: Investment Rationale - Bitcoin is viewed as a unique diversifier in investment portfolios due to its limited supply of 21 million tokens, positioning it as a potential digital gold [3][7]. - Bitcoin has shown correlations with both high-beta tech stocks and precious metals like gold, which has gained value amid geopolitical tensions and rising U.S. government debt [4]. Group 3: Economic Context - The U.S. government currently faces a fiscal deficit of nearly $1.8 trillion and total debt exceeding $38 trillion, with a significant portion of the budget allocated to interest payments [5]. - Economists suggest that ongoing fiscal policies may lead to U.S. dollar debasement and prolonged inflation, reinforcing the case for gold and potentially Bitcoin as a hedge against these economic challenges [6].

Economic Outlook - ARK Invest CEO Cathie Wood predicts a "golden age" for U.S. equities, likening it to the boom of the 1980s, with the U.S. economy described as a "coiled spring" ready for a significant rebound [1] - Wood attributes the current economic tension to a "rolling recession" caused by aggressive Federal Reserve rate hikes, forecasting a surge in GDP growth and wealth creation due to converging factors like deregulation and tax cuts [2] Innovation and Growth - The current economic environment is characterized as "Reaganomics on steroids," with expectations of increased capital spending in sectors like artificial intelligence and robotics, benefiting the ARK Innovation ETF and the S&P 500 [3] - Real GDP growth is projected to accelerate to 6-8%, driven by a 4-6% increase in productivity, which will help suppress unit labor costs [4] Housing Market - The housing market is central to the "coiled spring" thesis, with existing home sales at levels not seen since the early 1980s, despite a larger population [5] - As interest rates stabilize and inventory becomes available, a sharp recovery in the housing market is anticipated, particularly for major homebuilders like Lennar Corp., KB Home, and D.R. Horton, which have reduced prices to clear inventory [6] Asset Allocation - Wood advises caution towards gold, viewing it as historically expensive relative to the M2 money supply, while advocating for Bitcoin as a superior asset due to its mathematical scarcity and programmed supply growth [7] - The ARK 21Shares Bitcoin ETF is positioned as a better diversification tool for the upcoming cycle of liquidity expansion [8] Market Performance - In 2026, the Nasdaq 100 index has increased by 1.35%, while the S&P 500 and Dow Jones indices have risen by 1.25% and 2.19%, respectively, indicating positive market performance [9]

Core Insights - Morgan Stanley has submitted registrations for spot Bitcoin and Solana exchange-traded products, pending regulatory approval [1][2] - Bitcoin is currently trading at $94,187, having gained nearly 1% in the past day, while Solana is trading at approximately $143, up nearly 6% [1] Group 1: Product Details - The proposed Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust are designed as passive investment vehicles to track the performance of Bitcoin and Solana respectively [2] - The registration forms do not specify custodians or crypto counterparties for managing U.S. dollar-to-BTC and -SOL conversions [2] - Unlike competitors, Morgan Stanley is utilizing its own brand without a joint venture or white-label sponsor for these funds [3] Group 2: Market Context - Bitcoin ETFs began trading in January 2024, with significant inflows observed in BlackRock's iShares Bitcoin Trust, which has $72.8 billion in holdings, contributing to a total of $119 billion in assets under management for Bitcoin ETFs [4] - Solana ETFs are relatively new, with the Bitwise Solana ETF launching in October 2025, followed by others like the VanEck Solana ETF and Fidelity Solana Fund [5]

Bitcoin is a profound technological and monetary innovation. With Vanguard now supporting bitcoin ETFs, their investors can access ARKB, the ARK 21Shares Bitcoin ETF, via existing portfolios, making a new asset class available through familiar tools.Learn more: https://t.co/pTF7UzJA3XProspectus: https://t.co/YAjcENes7ZARK Invest (@ARKInvest):You don’t need a wallet. You don’t need a private key. And now, if you’re with Vanguard, you don’t need to wait. The ARK 21Shares Bitcoin ETF brings bitcoin to your exi ...

Core Insights - Ark Invest, led by Cathie Wood, made notable trades including selling shares of Tesla and Meta while acquiring shares of ARK 21Shares Bitcoin ETF amid changing market conditions in tech and crypto sectors [1] Tesla Trade - Ark Invest sold 7,478 shares of Tesla, valued at approximately $3.4 million, with Tesla's stock closing at $454.53, reflecting a 1.74% increase [2] - Despite recent gains, Tesla has underperformed against major indices like the S&P 500 and NASDAQ 100, although advancements in autonomous driving may drive future growth, particularly in the Robotaxi sector [3] - Tesla remains Ark's top holding, with a stake valued at $949.82 million, representing 12.36% of the portfolio [3] Meta Trade - Ark Invest reduced its holdings in Meta Platforms by selling 11,056 shares through ARK Innovation ETF and 3,155 shares through ARKW ETF, totaling approximately $2.08 million, with Meta's stock closing at $661.53, up 3.43% [4] - This sale follows reports of significant budget cuts in Meta's metaverse division, with potential reductions of up to 30% and layoffs anticipated as early as January, amid weak adoption and losses exceeding $70 billion since 2021 [5] ARK 21Shares Bitcoin ETF Trade - Ark Blockchain & Fintech Innovation ETF and ARKW funds acquired a total of 52,200 shares of ARK 21Shares Bitcoin ETF, valued at around $1.6 million, with the ETF closing at $30.73 [6] - This acquisition aligns with Ark's ongoing interest in the cryptocurrency sector, despite Bitcoin's price volatility, which has seen significant fluctuations recently [7] Other Key Trades - Ark Invest purchased 158,981 shares of Trade Desk Inc. and 45,373 shares through ARKW, while selling 176,353 shares of Iridium Communications Inc. and 42,971 shares through ARKQ [9]

Group 1: Ark Invest Trades - Ark Invest executed significant trades on Monday, including purchases of ARK 21Shares Bitcoin ETF, Robinhood Markets Inc., and Shopify Inc. amid a volatile market influenced by cryptocurrency fluctuations [1] - The ARK Blockchain & Fintech Innovation ETF and ARK Next Generation Internet ETF acquired a total of 71,500 shares of ARK 21Shares Bitcoin ETF, amounting to an investment of approximately $2 million at a closing price of $28.39 [2] - ARKW ETF purchased 8,776 shares of Robinhood Markets Inc. at $123.24 per share, totaling around $1.08 million, as Robinhood's stock faced pressure due to Bitcoin's decline [4] - ARK Innovation ETF added 26,420 shares of Shopify at a closing price of $149.28, resulting in an investment of approximately $3.9 million [5] Group 2: Market Dynamics and Company Performance - Major cryptocurrencies, including Bitcoin, experienced a downturn, with Bitcoin's price declining from a weekend high of $91,000 to $87,000, impacting related assets [3] - Shopify continues to show strong growth, with third-quarter results exceeding expectations due to global demand and record transaction volumes, leading analysts to raise price targets for the stock [6]

Group 1 - Cathie Wood's ARK Invest has aggressively rebalanced its portfolio, notably selling nearly 855,000 shares of GitLab, including a significant sale of 208,528 shares worth approximately $8.5 million on November 28 [1][5] - The firm also reduced positions in Iridium, Ibotta, and Exact Sciences while increasing investments in its Bitcoin ETFs, indicating a strategic shift towards cryptocurrency [2][6] - Wood's bullish forecast for Bitcoin, predicting a price range of $1.2 to $1.5 million by 2030, is driving the increased focus on crypto investments [3] Group 2 - GitLab's stock has declined over 27% year-to-date, contrasting with the broader tech sector's positive performance, raising questions about the stock's recent downturn despite its strong product offering [7][8] - The company's challenges in 2025 have contributed to Wood's decision to trim her holdings, reflecting a cautious approach to stocks with cooling momentum [4][9]

Core Insights - Ark Invest continues to increase its holdings in crypto-related equities and major tech stocks, including a significant purchase of over 174,000 shares of Alphabet valued at more than $56 million [1] - The firm also invested $3.75 million in Coinbase, $7 million in Circle, and nearly $2 million in its own Bitcoin ETF, ARK 21Shares Bitcoin ETF [1] Company Performance - Alphabet's shares have risen over 8.9% in the last five trading sessions and more than 22% in the past month, currently trading at $319.11 [2] - The overall market cap of Alphabet has reached $3.816 trillion, reflecting a nearly 90% increase in the last six months, surpassing the entire crypto ecosystem [3] Investment Strategy - Ark Invest has also added $29.4 million in CoreWeave and $21.5 million in Meta, indicating a strong focus on AI and cloud computing sectors [3] - Despite concerns about potential bubbles in AI valuations, Ark Invest maintains a bullish outlook, contrasting current conditions with the tech and telecom bubble of the past [4] Market Context - The uncertainty surrounding AI valuations and macroeconomic factors has caused fluctuations in broader markets, yet Ark Invest remains committed to its purchasing strategy [5] - Recent acquisitions include positions in Coinbase and BitMine Immersion Technologies, as well as increased investments in Circle following a drop in its trading levels [6] Future Outlook - Cathie Wood has revised her 2030 Bitcoin price forecast to $1.2 million per coin, down from $1.5 million, due to the rapid rise of stablecoins [6]