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ARK Invest has filed some changes for its ARK Next Generation Internet ETF (ARKW) and has allowed the fund to gain exposure to cryptocurrencies through Canadian Bitcoin ETFs.

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While the ETF currently does have exposure through the Grayscale Bitcoin Trust (GBTC), the new filing said that the fund may also gain "exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust or in other pooled investment vehicles, such as exchange-traded funds domiciled in Canada."

ARK Invest itself has joined forces with the Switzerland-based 21Shares AG and has filed an application for a Bitcoin ETF with the SEC. Applications for such ETFs have piled up with the SEC and it is still unclear when, if ever, approval for such a product will be given.

While the SEC has taken its time with Bitcoin and crypto ETFs the regulatory bodies of other places, Like Canada and Europe, have already allowed such products for some time. This has led many American investors to gain exposure to Bitcoin through these avenues instead of waiting on the SEC's approval in the United States.

5.5% of the ARKW ETF is already invested in the Grayscale Bitcoin Trust. It also has substantial holdings of Coinbase (COIN), Tesla (TSLA) and Square (SQ) making it one of the easier methods of gaining broad crypto exposure as even Tesla itself is tied to the market with its Bitcoin holdings. After investment in Canadian Bitcoin ETFs, the fund could become even more Bitcoin and crypto-focused.