Why Cathie Wood's Ark Invest is launching a bitcoin ETF: CNBC After Hours
CNBC.com's Pippa Stevens brings you the day's top business news headlines. On today's show, CNBC's Kate Rooney explains why highly-watched fund Ark Invest is interested in launching a bitcoin ETF, even as bitcoin goes mainstream. Plus, Chinese Uber rival Didi Chuxing looks poised to raise $4 billion when it goes public on the NYSE on Wednesday.
Cathie Wood’s Ark Invest to create a bitcoin ETF under the symbol ‘ARKB’
Cathie Wood's Ark Invest is creating a bitcoin exchange-traded fund, according to a filing with the Securities and Exchange Commission.
Wood — a longtime bitcoin bull — has been buying up proxies for the digital asset in names such as Coinbase and Grayscale Bitcoin Trust. Now, the innovation investor is seeking to own the actual asset itself.
The ETF's investment objective is to track the performance of bitcoin, according to the SEC filing. The fund would trade under the ticker symbol "ARKB," if approved by the SEC. Ark Invest is working in partnership with 21Shares to launch the ETF.
How the FTC could keep fighting Facebook
While a federal court delivered Facebook a reprieve on Monday by dismissing an antitrust case by a group of state attorneys general and a separate complaint by the Federal Trade Commission, its court battles may not be over just yet.
U.S. District Judge James Boasberg dismissed the states' case entirely, explaining in a court filing that they waited too long to challenge the company's acquisitions of Instagram and WhatsApp, which were completed over a half a decade before their complaint. But in dismissing the FTC's complaint, he left the door open for the agency to refile its claims against Facebook, while laying out a blueprint for how it might better plead its case.
Facebook said in a statement on Monday it was "pleased" by the court's ruling, adding, "We compete fairly every day to earn people's time and attention and will continue to deliver great products for the people and businesses that use our services."
Didi flags IPO share price at top of range or above, source says
Chinese ride-hailing giant, Didi Global, will price shares in its U.S initial public offering (IPO) at the top of the indicated range or above, according to a source with direct knowledge of the matter.
Didi is selling 288 million American Depository Shares (ADS) with a price range of $13 to $14 each.
At the top of the range, the IPO would raise $4.03 billion which would value Didi at $67.2 billion.
The source could not be named as the information has not yet been made public.Source