ARK Invest Shifts Holdings, Buys ARK Bitcoin ETF (ARKB) While Selling ProShares Bitcoin Trust ETF (BITO)
Crypto News – ARK Invest, led by Cathie Wood, has made strategic portfolio adjustments in recent days. The firm has increased its position in the ARK 21 Shares Bitcoin ETF (ARKB) while decreasing its holdings in the ProShares Bitcoin Trust ETF (BITO).
As of the latest data, ARKW, a key fund managed by ARK Invest, now holds approximately $91.4 million worth of ARKB shares, representing a substantial 5.98% of the fund’s total value. This strategic move underscores the firm’s growing confidence in ARKB’s potential.
Conversely, ARK Invest has been gradually offloading shares of the ProShares Bitcoin Trust ETF (BITO) in recent weeks. Since January 19, the company has sold a significant 2,226,191 shares of BITO, with a total value of approximately $42.8 million based on the closing price of $19.22 on Thursday. This reduction in BITO holdings aligns with ARK Invest’s prior strategy to treat BITO as a short-term investment.
ARK Invest originally held shares of the Grayscale Bitcoin Trust (GBTC) but divested from GBTC in anticipation of the approval of spot Bitcoin ETFs in the United States. Their plan was to exchange BITO for a spot Bitcoin ETF once such ETFs received regulatory approval.
Currently, ARKW’s holdings in BITO stand at just 366,128 shares, with a total value of $7 million, constituting a modest 0.46% of the fund’s total holdings.
Meanwhile, ARKB closed at $39.87 on Thursday, reflecting a minimal daily increase of 0.68%. The firm’s strategic moves in the cryptocurrency market continue to draw attention from investors and analysts, reflecting their adaptability and commitment to their investment strategy.
Leave a comment