Cathie Wood’s Ark Invest Buys ARKB Spot Bitcoin ETF Shares
Cathie Wood’s asset management firm, Ark Invest, has sold 585,915 shares of ProShares Bitcoin Strategy ETF (BITO) to purchase 360,830 units of the newly launched Ark 21Shares spot Bitcoin ETF (ARKB). This move gives Ark Invest an advantage over competitors due to its active portfolio management strategy and availability to investors globally.
Ark Invest Continues to Increase Holdings in ARKB Spot Bitcoin ETF
In line with their strategy, Cathie Wood’s Ark Invest has once again purged the ProShares Bitcoin Strategy ETF from their ARK Next Generation Internet ETF (ARKW) to increase their holdings in the Ark 21Shares spot Bitcoin ETF. On January 22, ARKW sold 648,091 BITO units to buy 523,541 ARKB units. It appears that Ark Invest will continue buying ARKB spot Bitcoin ETF units until they reach their target value.
ARKB Spot Bitcoin ETF Gains Momentum
Last week, ARKW purchased 1.04 billion ARKB units worth $43 million after the ARKB spot Bitcoin ETF started trading on Wall Street. As of January 24, according to Ark Invest data, ARKB holds Bitcoin worth $480.86 million.
Bitcoin Mining Revenue Surpasses Major Companies
Ark Investment director of digital assets Yassine Elmandjra shared data on Bitcoin mining revenue, revealing that it generates more annual revenue than some of the largest publicly traded companies such as Spotify, eBay, Hermes, Chipotle, Hertz, and Hilton. This highlights the significant financial potential of Bitcoin mining.
Hot Take: Investment Community Underestimating Bitcoin
Cathie Wood commented on the data presented by Ark Investment director Yassine Elmandjra, stating that “Many in the investment community are underestimating Bitcoin.” With Bitcoin mining revenue reaching almost $60 billion and the entry of traditional finance into the Bitcoin market, combined with upcoming halving events and favorable macro conditions, it will be interesting to see how the landscape evolves by the end of 2024.
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