Cathie Wood’s ARK Invest Buys 4.3 Million Shares of ProShares Bitcoin Strategy ETF
Cathie Wood’s ARK Invest has acquired 4.3 million shares of ProShares Bitcoin Strategy ETF, also known as ‘BITO’, according to a trading note. The ETF tracks the price of futures tied to Bitcoin, the world’s largest cryptocurrency. Based on Wednesday’s closing price, ARK’s stake is valued at approximately $92 million.
Rebound in the Crypto Market
After a challenging 2022, the crypto market is experiencing a recovery. Bitcoin has surged over 150% this year. Several major asset managers, including BlackRock, are awaiting regulatory approvals from the U.S. Securities and Exchange Commission (SEC) to launch derivative-based products like ETFs that track Bitcoin’s spot price.
ARK Invest’s Refiled Paperwork for Spot Bitcoin ETF
ARK Invest has partnered with 21Shares and resubmitted paperwork to the SEC for approval of a spot bitcoin ETF called ARK 21Shares Bitcoin ETF. The initial prospectus was deemed inadequate in preventing fraud and market manipulation. Separately, ARK Invest has sold shares of Coinbase Global worth around $27.6 million.
MicroStrategy Buys $615.7 Million in Bitcoin
In addition, software firm MicroStrategy recently revealed its purchase of approximately $615.7 million worth of bitcoin using cash.
Hot Take: Crypto Market Rebounds with Major Investments
The crypto market is showing signs of recovery as Cathie Wood’s ARK Invest buys millions of shares in the ProShares Bitcoin Strategy ETF and MicroStrategy invests over $600 million in bitcoin. These significant investments indicate growing confidence among institutional investors, and the market expects further developments with the launch of derivative-based products like ETFs tracking Bitcoin’s spot price. As the crypto market continues to gain momentum, it remains an exciting and dynamic space for investors.
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