ARK Invest Sells Off BITO, Embraces ARKB for Crypto Future
- ARK Invest shifts from ProShares Bitcoin ETF to ARK 21Shares Bitcoin ETF and Ethereum.
- Strategic acquisitions of Meta Platforms shares signify diversification within ARK’s portfolio.
- Divestment of SQ stock indicates a strategic move to reallocate resources within ARK’s investments.
Investment company ARK Invest, led by Cathie Wood, has completed selling its holdings in the ProShares Bitcoin Strategy ETF (BITO), a move that suggests a shift in the business’s approach to investing. At the close price of $28.22, the company sold 237,983 BITO shares from its Next Generation Internet ETF (ARKW), generating transactions of $6.7 million.
In late 2023, ARK made a significant move by acquiring over 4 million BITO shares, foreseeing a short-term opportunity pending the approval of spot bitcoin ETFs in the U.S. However, with the continuous sales in January and the recent divestment of the remaining shares, ARK has effectively exited its position in BITO.
Consequently, ARK’s attention has now turned to its own ARK 21Shares Bitcoin ETF (ARKB), which has emerged as the largest holding within the fund. With 2,480,644 shares valued at $160.6 million, ARKB constitutes a su…
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