Ark Invest Sells Coinbase Shares, Liquidates Grayscale Bitcoin Trust Holdings, and Buys ProShares Bitcoin Strategy ETF (BITO)
On December 19, ARK Next Generation Internet ETF (ARKW) sold an additional 809,441 GBTC shares valued at $27.9 million, and on December 28, it liquidated its remaining GBTC holdings worth $200 million. The firm then used proceeds of the sales to purchase the BITO Bitcoin futures ETF, becoming the second-largest holder of the BITO Bitcoin futures ETF. The investment in BITO is temporary as the investment firm looks for another investment.
Ark Invest Dumps GBTC Holdings, Buys BITO
ARKW started dumping its Grayscale Bitcoin Trust holdings in October at the onset of Bitcoin’s bull run. During the month, it sold 100,739 GBTC shares worth around $2.5 million at the time. After selling $COIN stock worth over $200 million, ARK Invest bought $92 million worth of BITO Bitcoin futures ETF.
Cathie Wood Predicts Short-Term Impact of Bitcoin ETF Approvals
Cathie Wood has been rebalancing its fund weightings amid anticipation about the potential approval of spot Bitcoin ETFs. In an interview with Yahoo Finance, Wood predicted that Bitcoin ETF approvals will harm Bitcoin’s price in the short term as investors “sell on the news.” She also believes that SEC approval of the spot BTC ETFs will give “the green light for institutional investors to participate.”
Hot Take
Crypto investors should pay attention to ARK Invest’s recent movements, as they could indicate larger trends in the cryptocurrency market. The shift from Grayscale Bitcoin Trust to ProShares Bitcoin Strategy ETF reflects the maturation of the cryptocurrency market and the increasing availability of diverse investment opportunities.
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