“Cathie Wood Joins Board of European Crypto Platform Amun, Its ARK Innovation ETF Falls to New Annual Low

Ark Investment Management LLC founder and CEO Cathie Wood has joined European crypto platform Amun as an independent director.

"Cathie Wood Joins Board of European Crypto Platform Amun, Its ARK Innovation ETF Falls to New Annual Low

Cathie Wood, founder and CEO of Ark Investment Management LLC, has joined European crypto platform Amun as an independent director, according to Bloomberg.

Amun is the operator of 21Shares AG, which specializes in exchange-traded products and manages about $2 billion in assets, and one of the company’s products is the 21Shares Short Bitcoin ETP, which allows investors to bet on bitcoin, and the 21Shares Crypto Basket Index, which tracks the top five cryptocurrencies by market value.

In an emailed statement, Wood said, ” 21Shares has led the research into developing asset classes, blazing a new path for crypto ETPs. I am pleased to support its mission.”

Hany Rashwan, chief executive of Zurich-based Amun, said in an interview that Amun’s assets under management have climbed to about $2 billion from $27 million in March 2020. The firm is profitable, earning $40 million to $50 million a year from institutional investors such as retail investors and family money rooms, he said.

币世界-“女股神”Cathie Wood加入欧洲加密平台Amun董事会,旗下ARK Innovation ETF跌至年度新低

Rashwan said, “We started this company to make crypto as accessible as stocks, and there is a huge demand for our products.”

Rashwan said the company plans to bring its first non-European product to market in the coming months and plans to expand its ETP offering by up to 30 products in eight countries this year.

Ophelia Snyder, co-founder and president of Amun, said, “As 21Shares expands our global footprint, Cathie’s advice on key business strategies, product development and distribution will be critical.”

Cathie Wood’s flagship Ark Innovation ETF hit its lowest point of the year Monday EST, down as much as 5 percent in a single day, and the ETF is down nearly 35 percent from its most recent high of $159.70 on Feb. 16, CNBC reported.

"Cathie Wood Joins Board of European Crypto Platform Amun, Its ARK Innovation ETF Falls to New Annual Low

Some of Ark Innovation’s top holdings were hit hard as the Nasdaq Composite Index fell more than 2.5 percent. Tesla fell 6.4 percent and Teladoc Health fell 6.6 percent. Square and Roku fell 7.3 percent and 4.9 percent, respectively. DraftKings fell 6.4 percent and Zillow fell 5.1 percent.

More than $1.1 billion in capital flows left Ark Innovation this month. Ark Invest, which includes its five core ETFs, lost nearly $2 billion in investor money in May, according to FactSet.

"Cathie Wood Joins Board of European Crypto Platform Amun, Its ARK Innovation ETF Falls to New Annual Low

Ark Innovation fell below its 200-day moving average, a key technical level of interest to traders and essentially the average of the last 200 closes.

Frank Cappelleri, executive director of Instinet, said, “The problem with ARKK and other speculative growth ETFs is that the short-term rally has faded significantly for three months.”

Cappelleri adds, “In other words, just getting back above the 200-day moving average cut-off makes little sense without upside follow-through. That remains the biggest problem.”

Wood’s other ETFs also experienced significant selling pressure on Monday. The Ark Next Generation ETF fell 5.1 percent and is down 12.3 percent so far this month. The Ark Genomic Revolution ETF and Ark Autonomous Technology and Robotics ETF fell 5.5 percent and 4 percent, respectively. The Ark Fintech Innovation ETF fell 4.8%, losing nearly 9% for the month.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/cathie-wood-joins-board-of-european-crypto-platform-amun-its-ark-innovation-etf-falls-to-new-annual-low/
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