(Reuters) -21Shares US said on Monday it will carry out a 3-for-1 share split of its ARK 21Shares Bitcoin ETF to make the fund more accessible to investors, with the move set to take effect at market open on June 16.
The approval of such spot bitcoin ETFs in January 2024 by the U.S. Securities and Exchange Commission, marked a watershed moment for the digital assets industry, ending a decade-long wait and signaling growing regulatory acceptance.
The funds, which have rapidly grown in popularity, offer direct exposure to bitcoin through traditional markets, allowing institutions and other investors to participate without holding the token, bolstering credibility and inflows into the sector.
ARKB has gained almost 12% so far this year and nearly 27% quarter-to-date. It closed trading at $104.25 on Monday.
Meanwhile, bitcoin, the world's largest and most widely recognized cryptocurrency, has also climbed above the $100,000 mark, a level seen as key by many market participants.
Companies typically split shares to lower the trading price per unit, aiming to attract a broader base of retail investors and improve liquidity.
The share split will not affect ARKB's net asset value, ticker symbol, or investment strategy, and its shares will continue trading under the same CUSIP, the company said.
(Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta)
