Last Thursday, ARK Invest, led by Cathie Wood, strategically sold its remaining 237,983 shares of the ProShares Bitcoin Strategy ETF (BITO). The sale, worth $6.7 million, occurred at the Thursday closing price of $28.22 from its Next Generation Internet ETF (ARKW).
ARK initially purchased over 4 million BITO shares late last year as a short-term investment, expecting the approval of spot bitcoin ETFs in the U.S. Once the approval materialized, ARK planned to swap them out.
After gradually selling off shares in January, ARK completed the sale of its remaining BITO shares over the past week.
In contrast, ARK’s ARK 21Shares Bitcoin ETF (ARKB) now takes the spotlight as the fund’s leading asset, boasting 2,480,644 shares valued at $160.6 million based on Thursday’s closing price of $64.76. This substantial holding constitutes 10.4% of the fund’s overall value.
By reallocating its holdings, ARK demonstrates its confidence in ARKB while adapting to the evolving landscape of cryptocurrency investment.
Also Read: SEC Likely to Reject Ether ETFs Next Month, Sources Report
