ARK Files for Two New Crypto Index ETFs

Instead of another single-asset product, the firm led by Cathie Wood is aiming for broad, index-style exposure to digital assets through two newly proposed exchange-traded funds. Both products are tied to the CoinDesk 20 benchmark, but they are designed to serve different investor preferences – one including Bitcoin, the other deliberately leaving it out.

A Split View of the Crypto Market

The dual-ETF approach signals that ARK Invest sees the crypto market fragmenting into distinct investment narratives. One fund is built around Bitcoin as the anchor asset, paired with large-cap altcoins like Ether, Solana, XRP, and Cardano. The second removes Bitcoin entirely, offering a basket that focuses only on alternative networks and protocols.

By separating Bitcoin from the rest of the market, ARK is effectively acknowledging that some investors now view BTC as its own category – closer to digital gold – while others want exposure to faster-moving smart contract platforms and ecosystems.

Why These ETFs Won’t Hold Crypto

Rather than buying the underlying tokens, ARK’s proposed funds would track performance through futures contracts linked to the CoinDesk 20 Index. Any capital not allocated to those contracts would sit in cash or cash equivalents.

This design choice places the ETFs firmly within regulated derivatives markets, with the index futures expected to trade on ICE Futures. The structure avoids direct custody of cryptocurrencies and sidesteps some of the operational and regulatory complexity that comes with holding spot assets.

In practice, that means investors wouldn’t own Bitcoin or altcoins through the fund. They would instead gain price exposure via futures tied to a diversified crypto index.

A Different Path Than Rival Funds

ARK’s futures-based strategy stands apart from other crypto index products already making their way through the approval process. Some competitors are opting for direct ownership of digital assets, holding tokens in the same proportions as their benchmark indices.

One such example is WisdomTree, which filed last year for a CoinDesk 20-linked ETF that would invest directly in the cryptocurrencies themselves. The contrast highlights a growing divide among issuers: some are pushing for spot exposure, while others are prioritizing regulatory insulation.

ARK’s approach suggests a more conservative positioning, likely shaped by ongoing regulatory uncertainty around multi-asset spot crypto funds in the U.S.

What This Says About the ETF Market

ARK plans to list the funds on NYSE Arca, reinforcing the exchange’s role as a launchpad for crypto-linked investment vehicles. More importantly, the filings reflect how quickly the ETF landscape is evolving now that Bitcoin ETFs have cleared the first regulatory hurdle.

The focus is no longer just on whether crypto belongs in ETFs, but on how that exposure should be structured. Index-based products, Bitcoin-free baskets, and futures-driven strategies are emerging as asset managers experiment with ways to meet demand without crossing regulatory red lines.

If approved, ARK’s filings would add another layer of choice for investors – not just between crypto and traditional assets, but between different philosophies of how crypto exposure should work inside an ETF wrapper.

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