ARK Disposes of Remaining ProShares Bitcoin Futures ETF Shares

Crypto News– On Thursday, Cathie Wood’s ARK Invest completed the divestment of its remaining shares in the ProShares Bitcoin Strategy ETF (BITO). The firm sold a total of 237,983 BITO shares from its Next Generation Internet ETF (ARKW), amounting to a value of $6.7 million based on Thursday’s closing price of $28.22 per share.

ARK Disposes of Remaining ProShares Bitcoin Futures ETF Shares

ARK initially acquired over 4 million BITO shares late last year as a short-term investment, in anticipation of the potential approval of spot bitcoin ETFs in the U.S. The strategy was to hold these shares temporarily and then swap them out once approval for spot bitcoin ETFs was granted. However, following a series of consistent sales throughout January, ARK made the decision to sell off the remainder of its BITO shares over the past week.

Meanwhile, ARK’s own ARK 21Shares Bitcoin ETF (ARKB) has emerged as the fund’s largest holding. With a staggering 2,480,644 shares, ARKB is valued at $160.6 million at Thursday’s closing price of $64.76 per share. This significant holding constitutes a noteworthy 10.4% weighting of the fund’s total value, indicating ARK’s confidence in the prospects of its own bitcoin ETF amidst the evolving landscape of cryptocurrency investment.

In addition to divesting its shares in the ProShares Bitcoin Strategy ETF, ARK Invest’s focus on its own ARK 21Shares Bitcoin ETF reflects its confidence in the potential of cryptocurrency investment. The firm’s strategic moves underscore its proactive approach to navigating the dynamic landscape of digital assets. As ARK continues to adjust its investment portfolio, its actions serve as a barometer for market sentiment and trends in the burgeoning cryptocurrency sector.