#CathieDWood ARK Invest has made a bold move, selling off all their remaining GBTC shares and using half the proceeds (around $50 million) to buy BITO, the ProShares Bitcoin futures ETF. This could signal a shift in strategy for ARK and potentially the broader #BitcoinETF landscape.
Why the switch?
Analysts speculate ARK chose #BitOK for its liquidity and potentially lower fees compared to GBTC. BITO tracks Bitcoin futures contracts, while GBTC holds actual Bitcoin, which can make it less liquid and more expensive to trade.
What could this mean for BITO and Bitcoin?
ARK's investment could bring increased attention and trading volume to BITO. This could be positive for the Bitcoin market overall, potentially boosting both BITO's price and Bitcoin's.
Stay tuned! This is a developing story and could have significant implications for Bitcoin and the ETF market. Keep an eye out for updates and analysis!
Share your thoughts! Do you think ARK made the right move? What does this mean for the future of Bitcoin ETFs? Discuss in the comments!
