On January 23, 2026, ARK Invest, led by Cathie Wood, submitted two S-1 registration statements to the U.S. Securities and Exchange Commission for new cryptocurrency index exchange-traded funds tied to the CoinDesk 20 Index.
The filings mark ARK’s most comprehensive move yet toward diversified crypto exposure, offering investors a choice between full-market participation and a portfolio that deliberately excludes Bitcoin.
Two Funds, One Index, Different Philosophies
The first proposed product, the ARK CoinDesk 20 Crypto ETF, is designed to mirror the full CoinDesk 20 Index, which tracks the performance of the top twenty digital assets by market capitalization. This includes Bitcoin alongside major smart-contract platforms and large-cap tokens.
The second filing takes a more targeted approach. The ARK CoinDesk 20 ex-Bitcoin Crypto ETF follows the same index methodology but removes Bitcoin entirely, reallocating weight toward leading altcoins such as Ethereum, Solana, and XRP.
This dual-fund structure reflects ARK’s view that Bitcoin functions as a distinct monetary asset, while the rest of the crypto market represents a separate innovation-driven ecosystem centered on smart contracts, payments, and decentralized infrastructure.
Index Composition Highlights XRP Exposure
According to the filing, Bitcoin represents roughly 32.4% of the CoinDesk 20 Index, followed by Ethereum at 20.7%, XRP at 19.9%, and the remaining 27% spread across other major digital assets.
The nearly 20% weighting allocated to XRP stands out, signaling ARK’s growing confidence in the token’s institutional relevance following regulatory clarity and expanding use in cross-border settlement frameworks.
Futures-Based Structure and Listing Plans
Unlike spot crypto ETFs that hold the underlying assets directly, both ARK funds are structured to gain exposure through futures contracts linked to the CoinDesk 20 Index. The approach mirrors existing commodity and crypto index products and may offer a clearer regulatory path in the near term.
ARK intends to list both ETFs on NYSE Arca, pending regulatory approval.
Strategic Context
The filings follow ARK’s Big Ideas 2026 outlook, in which the firm projected the digital asset sector could expand to $28 trillion by 2030, driven by institutional adoption, financial tokenization, and blockchain integration across capital markets.
By offering both a total-market crypto ETF and an ex-Bitcoin alternative, ARK is positioning itself to serve investors who view Bitcoin as digital gold, as well as those who want targeted exposure to the faster-evolving altcoin economy.
