Cathie Wood’s Ark Invest Continues to Invest in its Bitcoin ETF
Cathie Wood’s Ark Invest has purchased $15 million worth of its own ARK 21Shares spot Bitcoin exchange-traded fund (ETF). This recent purchase of 365,695 shares of the ARK 21Shares Bitcoin ETF (ARKB) by ARK Next Generation Internet ETF (ARKW) on Jan. 18 indicates the firm’s commitment to allocating funds to its Bitcoin ETF.
Allocating Funds to Gain Scale
By moving money from one fund to another, Ark Invest aims to help its Bitcoin ETF gain potential and scale swiftly. The Securities and Exchange Commission’s approval of Bitcoin ETFs on Jan. 16 leveled the playing field, ensuring no early advantage for any ETF.
Bitcoin Network: Larger than Amazon, Google, and Microsoft Combined
Ark Invest Director of Digital Assets Yassine Elmandjra highlighted the impressive hash rate of the Bitcoin network, which recently reached an all-time high of 500 exahashes/s. Elmandjra compared this figure to various benchmarks, emphasizing that the Bitcoin network is performing billions of computations per second and surpassing the capabilities of even the most powerful supercomputers.
Hot Take: Bitcoin’s Strength Lies in Its Network
The size and power of the Bitcoin network make it a force to be reckoned with. Cathie Wood reiterated this point, stating that the Bitcoin network is larger than the combined clouds built by tech giants like Amazon, Google, and Microsoft over the past two decades. The continued investment by Ark Invest in its own Bitcoin ETF reflects confidence in the future of cryptocurrencies.
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