Ark Invest Diversifies Crypto Holdings, Buys $15.9 Million of Its Own Spot Bitcoin ETF

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Ark Invest has transitioned $15.9 million from the Proshares Bitcoin Strategy ETF to its in-house Ark 21shares Spot Bitcoin ETF.

Cathie Wood’s Ark Invest Redirects Millions to In-house Bitcoin ETF

Ark Invest, led by fund manager Cathie Wood, has made several trades based around bitcoin exchange-traded products. The firm has sold its holdings in the Proshares Bitcoin Strategy ETF (BITO), a bitcoin futures ETF, and redirected these funds to bolster its holdings in its own Ark 21shares Spot Bitcoin ETF (ARKB).

it begins

Ark sold $BITO to buy its own spot Bitcoin ETF $ARKB in its Next Generation Internet ETF today

— Katie Greifeld (@kgreifeld) January 17, 2024

The reshuffling involved Cathie Wood’s ARK Next Generation Internet ETF (ARKW) reducing its stake in BITO in order to increase its investment in the Ark 21shares Spot Bitcoin ETF. This move resulted in the purchase of $15.9 million worth of shares in ARKB. Following this transaction, ARKB shares closed at $43.51 on Tuesday, marking a 0.80% decrease.

Prior to the approval of spot bitcoin ETFs in the U.S., ARKW had made futures-based cryptocurrency investments. ARKW had initially acquired 20,000 shares of the ARK 21shares Active Bitcoin Futures Strategy ETF (ARKA) and 4.32 million shares of BITO. The BITO shares were paid for by completely liquidating its holdings in the Grayscale Bitcoin Trust (GBTC). This move was interpreted by Bloomberg Intelligence analyst Eric Balchunas as a “temporary parking spot,” a strategy often employed by Ark Invest and other institutions during transitional phases using highly liquid ETFs.

In addition to these strategic shifts within the cryptocurrency domain, Ark Invest has also been adjusting its broader portfolio. The firm has been offloading holdings in Coinbase (COIN) to diversify into other investments, including Tesla (TSLA). Reinforcing her optimistic outlook on bitcoin, Cathie Wood has consistently maintained a bullish stance, projecting a bitcoin price of $1.5 million by 2030.

Do you think Cathie Wood’s bitcoin price target is roughly correct? Share your thoughts and opinions about this subject in the comments section below.

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