In recent events, Bitcoin advocate Cathie Wood, founder and CEO of Ark Invest, has once again expressed her unwavering optimism about the future of Bitcoin. Surprisingly, this time his sentiments resonated with Tesla CEO Elon Musk. Wood noted the unprecedented scale of the Bitcoin network, dwarfing the collective size of the cloud infrastructures built by tech giants Amazon, Google and Microsoft over the past two decades.
Elon Musk participated in Bitcoin comments
Responding to Cathie Wood’s claim about the awesome power of the Bitcoin network, Elon Musk responded on Twitter on January 19, 2024, with a simple but emphatic “Wow.” The tweet highlighted Bitcoin’s status as the largest computer network in the world, signaling that Musk agreed with Wood’s assessment of Bitcoin’s unique computing prowess.
Wood supported his claim by citing data provided by Yassine Elmandjra, director of digital assets at Ark Investment. Elmandjra’s findings revealed that the Bitcoin hash rate rose to an all-time high in January, exceeding 500 exahashes per second. According to Elmandjra, this increase means that the Bitcoin network performs a staggering 5 billion calculations per second. This far exceeds the collective capacity of the global population if each individual performed one hash per second.
ARK Invest is selling
Meanwhile, simultaneously with Wood’s bold Bitcoin endorsements, Ark Invest made a strategic shift in its cryptocurrency portfolio. On January 18, ARK Next Generation Internet ETF (ARKW) divested 758,915 shares of the ProShares Bitcoin Strategy ETF (BITO) valued at $15 million. The funds were directed to purchase 365,695 shares of the Ark 21Shares spot Bitcoin ETF (ARKB), also valued at $15 million.
This move is part of Ark Invest’s ongoing commitment to strengthen its position in the Ark 21Shares spot Bitcoin ETF. Notably, this was not an isolated incident; because on January 16, ARKW had previously sold 757,664 BITO shares worth approximately $15.8 million to invest in 365,427 ARKB shares, also worth $15.8 million. As the cryptocurrency landscape continues to evolve, Ark Invest under Cathie Wood continues to be proactive in adapting investment strategies. The recent alignment of views between Wood and Musk serves as evidence of the growing recognition of Bitcoin’s importance in the global financial landscape. Additionally, Ark Invest’s dynamic portfolio adjustments reflect the team’s determination to stay ahead in the ever-changing crypto market.
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