Invested In Bitcoin, EFT Nearly Doubles Money Since September

ARK Investment Management LLC, which manages the first exchange-traded fund (EFT) with exposure to cryptocurrency, has almost doubled its money since September after investing in bitcoin, thanks to the virtual currency’s recent price surge, according to Bloomberg News. The overall fund has gained 15% this year, which represents more than 98% of the unleveraged ETFs in the U.S. Cathie Wood, who founded New York City-based ARK in January of 2014, said Greece, China’s devaluation and a U.S. interest rate increase drove price swings resulting in a capital exodus from emerging markets, elevating bitcoin. Also read: How the Bitcoin Investment Trust […]

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