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- Asset management company ARK Invest, founded by Cathie Wood, has divested its holdings in ProShares Bitcoin Strategy ETF (BITO).
- The price of BITO closed at $20.91 on Tuesday, showing a 0.71% decrease. On the other hand, the price of Ark 21Shares Bitcoin ETF (ARKB) also closed at $43.51 with a 0.80% decrease.
- Ahead of Spot Bitcoin approval, ARK Next Generation Internet ETF (ARKW) purchased 20,000 shares of ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA).
Cathie Wood’s ARK Invest is starting to buy ARKB shares by selling ProShares Bitcoin Strategy ETF holdings.
ARK Invest Focuses on Buying ARKB Shares
ARK Invest, the asset management company founded by Cathie Wood, has divested its holdings in ProShares Bitcoin Strategy ETF (BITO). This move takes place as a strategic realignment attempt by Ark Invest in response to market conditions, reallocating funds previously placed in ProShares Bitcoin Strategy ETF to increase its holdings in Ark 21Shares Spot Bitcoin ETF (ARKB).
On January 16th, Ark Invest, led by Cathie Wood, offered approximately 757,664 shares of ProShares Bitcoin Strategy ETF (BITO) valued at around $15.8 million for sale. With the proceeds from these sales, they purchased approximately 365,427 shares of Ark 21Shares Bitcoin ETF (ARKB) valued at $15.8 million.
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Cathie Wood reduced units of ProShares Bitcoin Strategy ETF through ARK Next Generation Internet ETF as part of the strategy to increase assets in Ark 21Shares Spot Bitcoin ETF. She recently set a target of $4 billion for her own Ark 21Shares Bitcoin ETF (ARKB). The price of BITO closed at $20.91 on Tuesday, showing a 0.71% decrease. On the other hand, the price of Ark 21Shares Bitcoin ETF (ARKB) also closed at $43.51 with a 0.80% decrease.
Ahead of Spot Bitcoin approval, ARK Next Generation Internet ETF (ARKW) purchased 20,000 shares of ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA). ARKW also completely liquidated its assets in Grayscale Bitcoin Trust (GBTC) and bought 4.32 million shares of ProShares Bitcoin Strategy ETF (BITO). Bloomberg Intelligence analyst Eric Balchunas said this move is likely a “temporary parking spot.” Ark Invest and institutions similarly use highly liquid ETFs for transitions.
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Cathie Wood’s Target for Bitcoin
ARKW still has a sufficient amount of ProShares Bitcoin Strategy ETF shares to meet its target for the spot Bitcoin ETF. Crypto market conditions worsened after the Spot Bitcoin ETFs started trading on Wall Street on January 11.
ARK Invest funds, led by Cathie Wood, are selling their significant holdings in Coinbase (COIN) to buy other shares, especially Tesla (TSLA) shares. Cathie Wood reiterated her bullish prediction that BTC price will reach $1.5 million by 2030. Other experts believe that BTC price will surpass $100,000 after the Bitcoin halving in April.
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