Key Insights:
- ETF filing gives ARK diversified crypto exposure beyond Bitcoin.
- CoinDesk 20 ETF uses regulated futures, not direct crypto holdings.
- ETF competition intensifies as firms race for multi-asset approval.
The creation of ETFs took a new turn when the ARK Investment Management led by Cathie Wood submitted applications on two CoinDesk 20 crypto index funds. The expansion broadens the crypto strategy of ARK, which used to be Bitcoin-related. Further, the filing indicates an increase in the demand for diversification of digital assets in regulated markets. Consequently, ARK will enter an expanding number of companies that focus on multi-asset crypto ETFs designs.
The filings reached the U.S. Securities and Exchange Commission on January 23. According to the documents, the proposed ETF products would track the CoinDesk Crypto 20 Index. This benchmark measures twenty major digital assets by adjusted market capitalization. Consequently, the funds would reflect broader crypto market performance rather than single-asset trends.
How the CoinDesk 20 ETF Structure Works
Each proposed ETF follows a distinct strategy under the same index umbrella. One ETF would include Bitcoin alongside Ether, Solana, XRP, and Cardano. Therefore, it would mirror the full CoinDesk 20 index composition. The second ETF would exclude Bitcoin exposure entirely.
Instead, that product would pair long index futures with short Bitcoin futures. This structure allows investors to track altcoin performance independently. Importantly, both ETF products rely on regulated futures contracts. ARK confirmed that neither fund would hold cryptocurrencies directly.
This futures-based structure aligns with existing regulatory preferences. Furthermore, it mirrors approaches used by other crypto ETF issuers. As a result, the design may improve approval prospects amid ongoing SEC scrutiny.
NYSE Arca Selected for ETF Listings
ARK Invest will list both ETF products in NYSE Arca. Some of the crypto-related ETFs are already available in the exchange. Thus, the option is beneficial to institutional investor liquidity and visibility. Also, NYSE Arca provides developed surveillance models.
ARK’s entry intensifies competition in the diversified crypto ETF space. Last year, WisdomTree registered a CoinDesk 20 Fund in Delaware. That filing marked an early step toward a U.S.-listed CoinDesk 20 ETF. Meanwhile, ProShares submitted its own SEC filing in October 2025.
ProShares plans to track the CoinDesk Crypto 20 index through derivatives. Like ARK, it avoids direct crypto holdings. Consequently, issuers now race to capture first-mover advantage in multi-asset crypto ETFs.
ARK’s Broader Investment Activity Continues
Alongside the ETF filings, ARK continued active portfolio management across technology sectors. On January 21, Cathie Wood purchased $7.27 million worth of Netflix shares. ARK’s Next Generation Internet ETF added over 83,000 shares.
Netflix continues to report good performance long term even with the recent earnings pressure. Within the period of three years, the stock appreciated by about 150%. In the meantime, ARK Genomic Revolution and Innovation ETFs purchased Tempus AI stocks. WeRide ARKQ has also acquired more than 111,000 shares of WeRide.
These buys underscore further emphasis on innovation-based growth by ARK. Nevertheless, the ETF filing will be a strategic shift of its crypto exposure framework.
ARK Maintains Long-Term Bitcoin Outlook
The decision to exclude Bitcoin from one ETF raised market questions. However, ARK maintains its long-term Bitcoin projections. David Puell of ARK stated that market cycles now depend on exposure structure rather than belief.
He explained that infrastructure development largely concluded during earlier cycles. Therefore, investors now focus on allocation size and investment vehicles. ETFs and treasury strategies already absorbed about 12% of Bitcoin’s total supply.
According to Puell, these structures influenced price movements throughout 2025. He expects that trend to continue into 2026. Still, early holders continue taking profits during price peaks.
ARK’s long-term Bitcoin forecasts remain unchanged. The firm estimates a $300,000 bear case by 2030. Its base case targets $710,000. Meanwhile, the bull case reaches $1.5 million per Bitcoin. Institutional adoption remains the primary driver behind these projections.
