Ark Invest Sells Shares in ProShares Bitcoin Strategy ETF
Ark Invest, the investment firm handled by Cathie Wood, has made significant changes to its cryptocurrency investment strategies. It has sold a substantial amount of 510,337 shares in ProShares Bitcoin Strategy ETF.
Ark Invest Buys ARKB Spot Bitcoin ETF
Recently, Ark Invest has shifted a notable amount of ProShares Bitcoin Strategy ETF (BITO) into its listed spot Bitcoin ETF. Trading data on January 18 displays ARK Next Generation Internet ETF (ARKW) traded 758,915 shares of BITO, worth around $15 million, and purchased 365,695 shares of ARKB, its own bitcoin ETF, also worth $15 million.
Gripping Strategies by Ark Invest
This time Ark Invest has made an interesting strategy where shifting involved Cathie Wood’s ARK Next Generation Internet ETF (ARKW) lowering its stake in BITO to boost its investment in the Ark 21shares Spot Bitcoin ETF, with this move the firm purchased $15.9 million worth of shares in ARKB. ARKB shares locked at $43.51 on Tuesday, marking a 0.80% decrease.
On Friday, ProShares Bitcoin Strategy ETF (BITO) price closed 1.88% higher at $20.09. This week BITO price has decreased to 9.26% amid spot Bitcoin ETF outflow and selling by ARKW.
This strategic shifting by Cathie Wood Ark Invest is part of a broader rebalancing of their portfolio. This sudden shift indicates a relocation of shares within Ark’s portfolio, concentrating more on its proprietary Bitcoin ETF offering.
Hot Take
Ark Invest, led by Cathie Wood, has made significant changes to its cryptocurrency investment strategies, selling shares in one Bitcoin ETF and buying shares in another. This strategic shift demonstrates a focus on the firm’s proprietary Bitcoin ETF offering.
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