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ARK Continues to Shuffle Out of BITO, Buys $15M of its Own ETF
Cathie Wood’s investment fund continues to double down on its recently listed spot bitcoin ETF.
Updated Mar 8, 2024, 8:13 p.m. Published Jan 19, 2024, 8:02 a.m.
ARK Invest continues to shift out of ProShares Bitcoin Strategy ETF (BITO) and into its own recently listed spot bitcoin ETF.
According to a trading disclosure sent out on Jan. 18, the ARK Next Generation Internet ETF (ARKW) sold 758,915 shares of BITO, worth approximately $15 million, and bought 365,695 shares of ARKB, its own bitcoin ETF, also worth $15 million.
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The fund made a similar move on Wednesday when it swapped similar amounts of BITO for ARKB.
CoinDesk previously reported that ARK has sold its holdings in GBTC and acquired BITO shares, anticipating the approval of spot bitcoin ETFs in the U.S., with plans to swap BITO for a spot bitcoin ETF upon approval, making the move expected.
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