Ark Invest Sells Significant Quantity of ProShares Bitcoin ETF

Ark Invest, the investment firm led by Cathie Wood, has once again caught the attention of the crypto industry with its innovative investment strategies. This time, the firm has made significant changes to its cryptocurrency portfolio by selling a substantial amount of shares in ProShares Bitcoin Strategy ETF.

In a surprising move, Ark Invest has shifted a notable portion of its ProShares Bitcoin Strategy ETF (BITO) holdings into its own listed spot Bitcoin ETF, called ARKB. On January 18, trading data revealed that ARK Next Generation Internet ETF (ARKW) traded 758,915 shares of BITO, valued at approximately $15 million, and purchased 365,695 shares of ARKB, worth the same amount.

This strategic shift is quite interesting, as it involves Cathie Wood’s ARK Next Generation Internet ETF reducing its stake in BITO in order to increase its investment in the Ark 21shares Spot Bitcoin ETF. As a result, the firm acquired $15.9 million worth of shares in ARKB. On Tuesday, ARKB shares closed at $43.51, experiencing a slight 0.80% decrease.

Meanwhile, on Friday, the price of ProShares Bitcoin Strategy ETF (BITO) closed 1.88% higher at $20.09. However, throughout the week, BITO price has seen a decrease of 9.26% due to outflows from spot Bitcoin ETFs and selling by ARKW.

Overall, Ark Invest’s latest investment strategy has generated considerable interest within the crypto community. By making these strategic moves, the firm aims to optimize its cryptocurrency portfolio and adapt to the evolving market conditions.

Tags: Crypto news