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Cathie Wood: Investment Community Underestimates Bitcoin! ARK Invest Continues to Buy ARKB!

  • On January 23, Cathie Wood’s Ark Invest sold approximately 585,915 shares of ProShares Bitcoin Strategy ETF (BITO) worth about $12 million.
  • ARKW had previously purchased 1.04 billion units of ARKB valued at $43 million last week after the ARKB spot Bitcoin ETF started trading on Wall Street.
  • With the entry of Traditional Finance into the Bitcoin market, the upcoming halving event, and the relaxation of macro conditions, it will be interesting to see the changes by the end of 2024.

Cathie Wood’s asset management firm, Ark Invest, continues to buy ARKB by selling BITO: Wood’s Bitcoin commentary!

ARK Continues to Increase ARKB Assets

ark-invest

Cathie Wood’s asset management firm, Ark Invest, continued to reduce its holdings of ProShares Bitcoin Strategy ETF (BITO) and buy units of the recently launched Ark 21Shares spot Bitcoin ETF (ARKB). This move provided Ark Invest with advantages in active portfolio management strategy and access to global investors.

On January 23, Cathie Wood’s Ark Invest sold approximately 585,915 shares of ProShares Bitcoin Strategy ETF (BITO) worth about $12 million and purchased 360,830 units of Ark 21Shares Bitcoin ETF (ARKB) valued at $14.5 million. Cathie Wood removed ProShares Bitcoin Strategy ETF from ARK Next Generation Internet ETF (ARKW) and implemented this strategy to increase positions in Ark 21Shares spot Bitcoin ETF.

On January 22, ARKW sold 648,091 BITO units and bought 523,541 ARKB units. It seems that Ark Invest will continue to buy ARKB spot Bitcoin ETF units until the targeted purchase value is reached. As previously reported by COINOTAG, ARKW had purchased 1.04 billion ARKB units valued at $43 million last week after the ARKB spot Bitcoin ETF started trading on Wall Street.

The price of ProShares Bitcoin Strategy ETF (BITO) closed at $18.92 on Tuesday, showing a 2.42% decrease. On the other hand, the price of Ark 21Shares Bitcoin ETF (ARKB) closed at $41.73, reflecting a 1.90% decrease. According to Ark Invest’s data until January 24, ARKB holds $480.86 million worth of Bitcoin.

According to Wood, the community is ‘underestimating’ Bitcoin

Cathie Wood, director of digital assets at Ark Investment, commented on the data related to Bitcoin mining provided by Yassine Elmandjra, saying, ‘Many in the investment community underestimate Bitcoin.’ Bitcoin mining generates more revenue than the annual revenue of some major publicly traded companies, including Spotify, eBay, Hermes, Chipotle, Hertz, and Hilton.

The total income of Bitcoin miners has increased from $10 billion in 2019 to $60 billion. With Traditional Finance entering the Bitcoin market, the upcoming halving event, and the relaxation of macro conditions, it will be interesting to see the changes by the end of 2024.

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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