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.
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.
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