Ark Invest Diversifies Crypto Holdings, Buys $15.9 Million of Its Own Spot Bitcoin ETF

Ark Invest has transitioned $15.9 cardinal from the Proshares Bitcoin Strategy ETF to its in-house Ark 21shares Spot Bitcoin ETF.

Cathie Wood’s Ark Invest Redirects Millions to In-house Bitcoin ETF

Ark Invest, led by money manager Cathie Wood, has made respective trades based astir bitcoin exchange-traded products. The steadfast has sold its holdings successful the Proshares Bitcoin Strategy ETF (BITO), a bitcoin futures ETF, and redirected these funds to bolster its holdings successful its ain Ark 21shares Spot Bitcoin ETF (ARKB).

it begins

Ark sold $BITO to bargain its ain spot Bitcoin ETF $ARKB successful its Next Generation Internet ETF contiguous pic.twitter.com/5WYEj564C0

— Katie Greifeld (@kgreifeld) January 17, 2024

The reshuffling progressive Cathie Wood’s ARK Next Generation Internet ETF (ARKW) reducing its involvement successful BITO successful bid to summation its concern successful the Ark 21shares Spot Bitcoin ETF. This determination resulted successful the acquisition of $15.9 cardinal worthy of shares successful ARKB. Following this transaction, ARKB shares closed astatine $43.51 connected Tuesday, marking a 0.80% decrease.

Prior to the approval of spot bitcoin ETFs successful the U.S., ARKW had made futures-based cryptocurrency investments. ARKW had initially acquired 20,000 shares of the ARK 21shares Active Bitcoin Futures Strategy ETF (ARKA) and 4.32 cardinal shares of BITO. The BITO shares were paid for by wholly liquidating its holdings successful the Grayscale Bitcoin Trust (GBTC). This determination was interpreted by Bloomberg Intelligence expert Eric Balchunas arsenic a “temporary parking spot,” a strategy often employed by Ark Invest and different institutions during transitional phases utilizing highly liquid ETFs.

In summation to these strategical shifts wrong the cryptocurrency domain, Ark Invest has besides been adjusting its broader portfolio. The steadfast has been offloading holdings successful Coinbase (COIN) to diversify into different investments, including Tesla (TSLA). Reinforcing her optimistic outlook connected bitcoin, Cathie Wood has consistently maintained a bullish stance, projecting a bitcoin terms of $1.5 million by 2030.

Do you deliberation Cathie Wood’s bitcoin terms people is astir correct? Share your thoughts and opinions astir this taxable successful the comments conception below.