As crypto investors await a decision from the U.S. Securities and Exchange Commission about whether the regulator will approve Wall Street’s first spot Bitcoin (BTC-USD) exchange traded fund, innovation-focused investor Cathie Wood said that she believes the ETF could receive the green light by the end of the year or beginning part of 2024.
“I do think hopes are rising that a or a number of Bitcoin ETFs will be approved,” Cathie Wood said in a CNBC interview.
Looking to other markets, Wood forecast a rally in bonds, part of a process that will involve moderating inflation. This, in turn, will renew interest in her universe of growth-focused tech stocks, she predicted.
“If bonds are going to rally and we think they will, at some point here as inflation continues to come down as the economy continues to go through rolling recessions of sorts. We think that the backdrop will be right for a resurgence in growth stocks generally, and in particular long duration innovation growth assets like ours,” she stated.
Here’s how each of Wood’s exchange traded funds have performed over the course of the 2023 trading year:
- ARK Innovation ET (NYSEARCA:ARKK) +25.5% YTD.
- ARK Next Generation Internet ETF (NYSEARCA:ARKW) +42.1% YTD.
- ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) +27.7% YTD.
- ARK Genomic Revolution ETF (ARKG) -8.4% YTD.
- ARK Fintech Innovation ETF (ARKF) +34.1% YTD.
- ARK Space Exploration & Innovation ETF (ARKX) +10.4% YTD.
While Wood’s funds are all higher on the year, they have each seen a substantial sell-off since mid-July.