ARK Investment Management, led by Cathie Wood, has filed with the U.S. Securities and Exchange Commission (SEC) to launch two new exchange-traded funds (ETFs) tied to the CoinDesk 20 crypto index. The filings, submitted on January 23, 2026, represent a strategic move to offer diversified crypto market exposure through traditional investment vehicles, moving beyond single-asset products like spot Bitcoin ETFs.
The two proposed funds are designed to serve different investor philosophies. One ETF will include Bitcoin as the anchor asset, paired with large-cap altcoins like Ether (ETH), Solana (SOL), XRP (XRP), and Cardano (ADA). The second fund deliberately excludes Bitcoin entirely, offering a basket focused solely on alternative smart contract platforms and protocols. This dual approach signals ARK's view that the crypto market is fragmenting, with Bitcoin increasingly seen as a separate "digital gold" category distinct from other digital assets.
A key structural detail is that both funds will track the index's performance using regulated futures contracts rather than holding the underlying cryptocurrencies directly. Any unallocated capital will be held in cash or cash equivalents. This futures-based strategy, expected to trade on ICE Futures, is designed to operate within regulated derivatives markets, avoiding the operational and regulatory complexities associated with direct custody of spot assets. Investors would gain price exposure via futures tied to the diversified index without owning the tokens.
ARK plans to list the ETFs on NYSE Arca. This filing places ARK among other asset managers, like WisdomTree and ProShares, who are also seeking approval for CoinDesk 20-linked products. The filings highlight the rapid evolution of the crypto ETF landscape post-Bitcoin ETF approvals, with a focus now on how crypto exposure should be structured. Index-based products, Bitcoin-free baskets, and futures-driven strategies are emerging as asset managers experiment to meet demand while navigating U.S. regulatory uncertainty around multi-asset spot crypto funds.
Despite proposing a Bitcoin-exclusive fund, ARK Invest maintains a bullish long-term outlook on Bitcoin. Analyst David Puell noted that ETFs and digital asset treasury structures have already absorbed about 12% of Bitcoin's total supply, a significant driver of price movement in 2025 expected to continue into 2026. The firm's 2030 price projections for Bitcoin range from a bear case of $300,000 to a bull case of $1.5 million, driven largely by institutional adoption.
