Ark Invest, led by Cathie Wood cryptocurrency The change in its investment strategy was one of the latest developments that attracted attention in the sector.
Ark Invest recently ProShares Bitcoin Strategy ETFHe signaled to recalibrate his investments by selling off his 510,337 shares in . Moreover, this kind of big move has come before.
A significant portion of ProShares Bitcoin Strategy ETF (BITO) assets are held by the firm. spot Bitcoin ETFwas directed to . Trading data on January 18 revealed that the ARK Next Generation Internet ETF (ARKW) executed transactions involving 758,915 BITO shares worth $15 million. The firm simultaneously purchased the same amount of 365,695 shares of the proprietary bitcoin ETF ARKB.
Cathie Wood’s Ark Invest implemented a well-thought-out strategy by strategically reducing her BITO stake through ARKW while strengthening her investments in the Ark 21shares Spot Bitcoin ETF (ARKB). This strategic maneuver resulted in an inflow of $15.9 million into ARKB, and shares closed at $43.51 on Tuesday, down a modest 0.80%.
The market also responded to Ark Invest’s tactical moves. On Friday, the ProShares Bitcoin Strategy ETF (BITO) closed at $20.09, up 1.88%. However, a weekly decline of 9.26% in the price of BITO was recorded, which was attributed to the exit from the spot Bitcoin ETF and the strategic sale of ARKW.
Cathie Wood’s Ark Invest describes this shift as part of a broader portfolio rebalancing initiative. This move amounts to a deliberate reshuffling of stocks in the portfolio to focus more on the Bitcoin ETF offering.