One of Cathie Wood's Ark funds just gave itself clearance to buy Canadian bitcoin ETFs as the firm's crypto ambitions grow

• Cathie Wood's Ark gave itself clearance to buy Canadian bitcoin exchange-traded funds, SEC filings show.
• The Ark Next Generation Internet ETF's prospectus now includes a reference to Canadian bitcoin funds.
• The move comes as the US SEC has yet to approve applications for over a dozen US bitcoin ETFs.

Cathie Wood's Ark Investment Management just gave itself clearance to buy Canadian bitcoin exchange-traded funds, SEC filings show.

On Friday, the firm tweaked its Ark Next Generation Internet ETF's fund prospectus to include a reference to holding exposure to cryptocurrencies such as bitcoin indirectly through "exchange-traded funds domiciled in Canada."

The prospectus later listed "Canadian Bitcoin ETFs" as an example of a pooled investment vehicle ARKW may invest in.

The ETF already invests in bitcoin indirectly through the Grayscale Bitcoin Trust. GBTC is the second largest holding in ARKW, with a 5.52% weight that is worth over $313 million. Cathie Wood, the founder and CEO of Ark, is an outspoken bitcoin bull, and has praised the cryptocurrency's inflation-hedge properties. In May, she said her long-term price target for bitcoin is $500,000. Bitcoin is currently trading around $46,000.

Ark's move towards Canadian bitcoin ETFs comes as the US continues to delay approval of the investment vehicles in the country. Currently, the US SEC is sitting on over a dozen crypto-focused ETF applications.

ARKW slipped 1.1% after the Monday opening bell.