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A new supplement filing with the U.S. Securities and Exchange Commission (SEC) shows that Cathie Wood's ARK Investment Management has given itself clearance to purchase Canadian bitcoin exchange-traded funds (ETFs). The firm's ARK Next Generation Internet ETF, which previously could only get bitcoin exposure through investments in a grantor trust, has updated its prospectus to enable the fund to invest in bitcoin ETFs up north.

The move comes amid several delays and rejections for similar products in the U.S by the SEC, which likely prompted ARK to seek alternatives abroad. After filing the supplement with the SEC, the ARK Next Generation Internet ETF now has another option for obtaining indirect bitcoin exposure. In addition to the Grayscale Bitcoin Trust (GBTC), the fund can now invest in "other pooled investment vehicles, such as exchange-traded funds domiciled in Canada."

GBTC currently represents the fund's second-biggest investment allocation, with 8,524,285 shares held  a 5.52% weight worth over $313 million. Through the recent supplement filed, ARK may be seeking greater bitcoin exposure through avenues with greater liquidity, fewer costs, and without having to endure GBTC's premiums. In either case, the Next Generation Internet ETF will still not be holding bitcoin directly.

The move comes amid a long waitlist piling up at the SEC's desk. Grayscale themselves have been awaiting regulatory approval to turn GBTC into an ETF, plans which the firm announced in April. Other companies that have filed for listing a bitcoin ETF in the U.S. include Valkyrie, NYDIG, VanEck, SkyBridge Capital, Global X, and Fidelity. But the SEC hasn't taken any steps this year to actualize the offering of a bitcoin ETF in the United States, despite the positive outlook painted by experts.