As an experienced financial analyst, I believe ARK Invest’s decision to sell its remaining shares of the ProShares Bitcoin Strategy ETF (BITO) and focus on its ARK 21Shares Bitcoin ETF (ARKB) is a strategic move that demonstrates confidence in the long-term potential of cryptocurrency investments.
Last Thursday, Cathie Wood and her team at ARK Invest made a deliberate decision to dispose of their final 237,983 shares of the ProShares Bitcoin Strategy ETF (BITO), with a total value of approximately $6.7 million, from their Next Generation Internet ETF (ARKW) at the closing price of $28.22 that day.
Last year, ARK bought approximately 4 million shares of BITO from ARK with the intention of holding them briefly. Their hope was that U.S. regulators would approve spot Bitcoin ETFs, at which point they intended to exchange those shares.
Over the past week, ARK finished offloading its last batch of BITO shares, which it had been selling intermittently since January.
As a crypto investor, I’m excited to share that ARK 21Shares Bitcoin ETF (ARKB) has become the star investment for me in this fund. With a total of 2,480,644 shares valued at approximately $160.6 million according to Thursday’s closing price of $64.76, this significant holding represents a substantial 10.4% of the overall fund value.
Through shifting its assets, ARK expresses its faith in ARKB and remains flexible in response to the ever-changing terrain of cryptocurrency financing.
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2024-04-26 15:52