ARK Invest's Cathie Wood will join the board of a European crypto firm after personally backing the company
- Ark Invest CEO Cathie Wood has joined the board of European cryptocurrency platform Amun Holdings, Bloomberg reported Monday.
- Wood has personally backed Amun, which operates 21Shares AG, a specialist in exchange-traded products.
- Amun is aiming to launch its first non-European ETP in the coming months, the report said.
Cathie Wood, who runs the high-profile ARK Invest and its family of popular ETFs, has joined the board of European cryptocurrency platform Amun Holdings which owns exchange-traded products specialist 21Shares AG, Bloomberg reported Monday.
"21Shares is forging a new path for crypto ETPs by leading with research and a keen understanding of this developing asset class," Wood said in an emailed statement to Bloomberg about her joining the board of Amun, a company she is personally backing. "I am thrilled to support its efforts."
Amun and 21Shares instruments are listed on national exchanges in Switzerland, Austria and Germany, among other locations and the company plans to list its first non-European product in coming months, the report said, citing Amun's CEO Hany Rashwan.
The firm's 21Shares Short Bitcoin ETP allows investors to bet against Bitcoin and its 21Shares Crypto Basket Index tracks the top five cryptocurrencies by market value. Bitcoin and ether, the token tied to the Ethereum blockchain platform, are the two largest cryptocurrencies by market capitalization.
The move by Wood underscores how more institutional investors are working to capture the growth of the cryptocurrency market. Goldman Sachs has formed a new cryptocurrency trading desk and UBS Group, the largest investment bank in Switzerland, is in talks to offer cryptocurrency investments to its wealthy clients, Bloomberg reported.