ARK Investment moves $16 million from ProShares into its own Bitcoin ETFs

ARK Investment Management, led by Cathie Wood, has divested itself from the ProShares Bitcoin ETF, reallocating approximately $16 million to its own Bitcoin ETF.

The move included the sale of shares of the ProShares Bitcoin ETF (BITO), a pioneering ETF in the US.S. Bitcoin futures market, and the purchase of 365,427 shares of the ARK 21 shares of the Bitcoin ETF (ARKB).

This adjustment resulted in ARKB accounting for the ARK 1% Next Generation Internet ETF (ARKW). ARKB's share price dropped to $43.51 on Tuesday, a significant decline from its original Listing Price of $49 on January. eleven.

ARK Investment Management previously switched its investment from Grayscale Bitcoin Trust (GBTC) to BITO in December in anticipation of the U.S. approval of direct Bitcoin ETFs.

Cathie Wood expressed confidence in investing in the already approved fund during the one-term pending approval. This latest change in portfolio composition is consistent with Ark's ongoing strategy to optimize its position in the changing landscape of cryptocurrency investing.

ark's 21Shares Bitcoin ETF currently offers one of the lowest rates at 0.21%. Leading crypto exchange Coinbase acts as the custodian of the Arc ETF.