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CDS Crypto News ARK Steps Away from BITO, Allocates 15M Dollars to its Own ETF

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ARK Steps Away from BITO, Allocates 15M Dollars to its Own ETF

Cathie Wood's investment fund is reinforcing its commitment to the recently introduced spot bitcoin ETF, demonstrating continued confidence in the asset.

Ecem EFE19/01/20241 Mins read416

Ark Steps Away From Bito, Allocates 15M Dollars To Its Own Etf

Crypto News- ARK Invest is strategically reshaping its investment portfolio by steering away from the ProShares Bitcoin Strategy ETF (BITO) and directing its focus towards its exclusive Spot Bitcoin ETF. In a noteworthy trading disclosure dated January 18, ARK Next Generation Internet ETF (ARKW) executed a decisive maneuver, divesting a significant 758,915 BITO shares valued at approximately $15 million.

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ARK Steps Away from BITO, Allocates 15M Dollars to its Own ETF

Concurrently, the fund tactically acquired 365,695 shares of ARKB, its proprietary bitcoin ETF, reflecting an equivalent investment of $15 million. This intentional and well-thought-out move mirrors a similar strategic shift implemented just the previous Wednesday, underscoring a persistent and purposeful transition from BITO to ARKB.

ARK Invest’s Strategic Pivot: Shifting from BITO to ARKB in Anticipation of Spot Bitcoin ETF Approval

Previous reports by CoinDesk highlighted ARK’s astute financial decisions, including the deliberate liquidation of holdings in the Grayscale Bitcoin Trust (GBTC) in favor of BITO. This strategic adjustment was strategically made in anticipation of the imminent approval of spot bitcoin ETFs in the United States. As part of this forward-thinking plan, ARK aims to exchange its BITO holdings for an approved spot bitcoin ETF, aligning its investment portfolio with anticipated market developments and regulatory advancements.

Sources:coindesk

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

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