ARK Invest continues Bitcoin futures ETF rotation with multimillion-dollar ARKB purchase

Cathie Wood’s ARK Invest has maintained its strategical concern attack by accumulating shares of its Ark 21Shares Spot Bitcoin ETF (ARKB) for inclusion successful its Next Generation Internet ETF (ARKW), according to the company’s latest commercialized filing seen by CryptoSlate.

In this caller transaction, ARK Invest acquired 523,541 ARKB shares astatine $21 cardinal portion divesting 648,091 units of ProShares Bitcoin Strategy ETF (BITO) for $12.85 million.

This determination continues ARK’s effort to bolster its presumption successful its BTC-based spot ETF. On Jan. 17, CryptoSlate reported that the steadfast acquired its archetypal tranche of ARKB’s ETF shares for $15.8 cardinal aft selling a important sum of its BITO holdings.

At the time, marketplace observers explained that the concern would assistance ARKB’s competitory presumption successful the market. Nate Geraci, laminitis of ETF Store, said, “Rightly oregon wrongly, assets nether absorption (AUM) optics substance successful spot bitcoin ETF competition.”

Lukas Kozak, a hedge money manager, besides clarified that ARK’s modulation from BITO’s futures to its spot products aligns with manufacture expectations.

According to him, this displacement tin beryllium attributed to little fees resulting from the accrued contention successful the ETF marketplace and the lack of the request to rotation positions into the pursuing quarters, enhancing the entreaty of their spot product.

Presently, ARK Invest holds 1.5 cardinal ARKB shares, amounting to $62.87 million, constituting astir 4% of ARKW’s portfolio. ARKB has secured a presumption among the apical 15 holdings wrong ARKW’s portfolio.

Conversely, BITO has seen a diminution successful its standing, present ranking arsenic the 20th-largest holding successful ARKW, representing astir 2% of the full holdings.

ARKB is 1 of the best-performing ETFs among the “Newborn Nine.” According to Apollo ETF data, the ETF has an AUM of $380 cardinal and holds much than 9000 units of the apical cryptocurrency.

The station ARK Invest continues Bitcoin futures ETF rotation with multimillion-dollar ARKB purchase appeared archetypal connected CryptoSlate.