Cathie Wood’s Ark Invest Adds $21M to Bitcoin ETF Holdings
Ark Invest, the investment firm led by Cathie Wood, has purchased an additional $21 million worth of shares in its bitcoin-based spot ETF. This brings the total amount invested in the fund to approximately $64 million. The purchase was made through Ark Invest’s Ark Next Generation ETF, which bought 523,541 shares of the Ark 21Shares Bitcoin ETF (ARKB). In contrast, Ark Invest sold 648,091 shares of the ProShares Bitcoin Strategy ETF, valued at $12.85 million. This marks Ark Invest’s fourth purchase of shares in its bitcoin-based spot ETF since its launch on January 10.
Ark Invest’s Growing Interest in Bitcoin-Based Spot ETF
Last week, Ark Invest made several purchases of the spot ETF, accumulating a total of around $43.7 million. With the recent $21 million purchase, Ark Invest now holds shares in ARKB worth $64.75 million. This increased interest follows the SEC’s approval of 11 US bitcoin-based spot ETFs, including the Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF.
Cathie Wood Raises Bitcoin Price Forecast
In a recent interview with CNBC, Cathie Wood raised her bitcoin price forecast to $1.5 million by 2030, up from her previous estimate of $1 million. Wood believes that the SEC approval of bitcoin-based spot ETFs increases the probability of a bullish case for bitcoin. She sees Ark Invest’s bitcoin-based spot ETF as a regulated option that provides exposure to bitcoin’s performance without the complexities of trading or storing the digital asset.
Bitcoin’s Recent Performance
As of press time, bitcoin is trading around $38,990 and has experienced a nearly 20% decline since the launch of spot-based ETFs earlier this month.
Hot Take: Ark Invest Continues to Invest in Bitcoin-Based Spot ETF
Cathie Wood’s Ark Invest has shown a strong interest in bitcoin through its purchases of shares in the ARKB spot ETF. With the recent addition of $21 million, Ark Invest now holds a total of $64.75 million worth of shares in the fund. Wood’s bullish outlook on bitcoin’s price and the SEC’s approval of bitcoin-based spot ETFs have likely contributed to Ark Invest’s growing investment in this sector. As bitcoin continues to experience volatility, it remains to be seen how these investments will perform in the long term.
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