#BTC
🗞 ARK Invest Shifts Holdings: Focus on Own Bitcoin ETF
ARK Invest continues its strategic reallocation, this time opting to divest from ProShares Bitcoin Strategy ETF (BITO) while simultaneously acquiring its own recently listed spot bitcoin ETF. In a trading disclosure on Jan. 18, the ARK Next Generation Internet ETF (ARKW) executed the sale of 758,915 shares of BITO, amounting to approximately $15 million. Simultaneously, ARKW procured 365,695 shares of ARKB, ARK's proprietary bitcoin ETF, in an equivalent $15 million transaction.
This follows a similar maneuver conducted on the preceding Wednesday, where ARK executed comparable exchanges of BITO for ARKB shares. The strategic divestment from GBTC and subsequent acquisition of BITO shares by ARK signals a forward-looking approach, anticipating the approval of spot bitcoin ETFs in the U.S. The fund's intentions include swapping BITO for a spot bitcoin ETF upon regulatory approval, aligning with expectations in the evolving landscape of cryptocurrency investment. 🔄💼