Bloomberg analyst Eric Balchunas In a new development reported by ARK Invest made significant portfolio adjustments.
ARK Invest Liquidates GBTC Position, Transfers Funds to BITO
The investment firm reportedly sold its entire remaining position in Grayscale Bitcoin Trust (GBTC), which held the title of being the largest holding in the ARK Innovation ETF (ARKW) just a month ago.
The proceeds from this sale, estimated at approximately $100 million, were strategically reallocated, with approximately half of the total used to purchase shares of the Bitcoin futures exchange-traded fund (ETF) BITO.
This move by ARK Invest, managed by renowned investor Cathie Wood, reflects the fund’s commitment to actively manage its portfolio according to market dynamics and evolving investment environments.
The decision to exit GBTC, a popular investment vehicle that tracks the price of Bitcoin, indicates that ARK’s crypto exposure strategy is being reconsidered.
The reallocation of funds to ProShares’ Bitcoin Strategy ETF BITO, which launched in October 2021, is seen as a strategic maneuver.
BITO, a Bitcoin futures ETF, enables ARK Invest to participate in the cryptocurrency market while offering potential advantages in terms of liquidity and flexibility.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!