"Bitcoin mining will probably become part of utility ecosystems, and will proliferate renewables faster than would otherwise be the case," Wood said.
The ARK 21Shares Bitcoin ETF will track the S&P Bitcoin index and trade on the Cboe BZX Exchange under the ticker ARKB.
Cathie Wood's Ark funds loaded up on crypto-related investments Tuesday as bitcoin fell below $30,000. Wood sees bitcoin at $500,000 in the long term.
"We were looking at all the indicators this morning, they are all suggesting that we are in the capitulation phase, which is a really great time to buy."
Investors should avoid using bitcoin as a payment system until tax changes are made, according to Ark's Cathie Wood.
Wood said her fund remains "opportunistic", despite the decline in the S&P 500 on concerns of lofty valuations and chances of higher inflation.
Shares of cryptocurrency-exposed companies including MicroStrategy, Riot Blockchain, and Marathon Patent rose in Wednesday premarket trading.