ARK Investment Management CEO Cathie Wood joins the board of directors of cryptocurrency-focused Amun Holdings.
May 11, 2021, | AtoZ Markets – Cathie Wood, head of investment company ARK Investment Management, has joined the board of directors of cryptocurrency company Amun Holdings. Bloomberg reported this with a link to an email from Wood.
Amun is a provider of cryptocurrency products for retail and institutional investors. The company provides services under the Swiss fintech brand 21Shares . It is noteworthy that Wood had previously personally invested in 21Shares. The amount of the investment has not been disclosed.
“21Shares is paving the way for Exchange Traded Crypto Products [ETP] by leading research and deep understanding of this emerging asset class,” Wood said.
The assets under Amun’s management grew from about $27 million to $2 billion in March 2020, said the head of the company, Hani Rashwan. This growth provides Amun with revenues ranging from $40 million to $50 million per year.
Amun and 21Shares products are listed on exchanges in Switzerland, Austria and Germany. According to Rashvan, the company plans to deploy its first non-European product in the coming months and expand its ETP offerings in eight countries with an additional 30 products this year. In addition to traditional financial products, the company has already launched its own tokens:
- BTC3L (Amun Bitcoin 3x Daily Long)
- BTC3S (Amun Bitcoin 3x Daily Short)
- BTCSHORT (Amun Short Bitcoin Token)
- ETH3L (Amun Ether 3x Daily Long)
- ETH3S (Amun Ether 3x Daily Short)
Meanwhile, ARK Investment Management continues to accumulate shares of the cryptocurrency exchange Coinbase. Despite the fact that the shares fell below the $300 level, the fund is still buying up shares of the crypto exchange.
At the time of this writing, the fund owns 2.2 million shares of COIN. At current quotes, this volume is $650 million. Coinbase shares are in the top 10 in terms of capital of the Cathie Wood fund portfolio and account for 3.3% of the total volume.
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