ARK Invest shifts focus within crypto holdings, sells ProShares Bitcoin ETF By Investing.com
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NEW YORK – ARK Invest, the investment firm headed by Cathie Wood, has made significant changes to its cryptocurrency investment strategy. The firm’s ARK Next Generation Internet ETF (NYSEARCA:ARKW) has sold a substantial number of shares in the ProShares Strategy ETF (NYSEARCA:BITO) and has redirected the funds into its own ARK 21Shares Bitcoin ETF (NYSEARCA:ARKB).
On Thursday, ARKW sold 758,915 shares of BITO for approximately $15 million. These funds were immediately utilized to purchase shares in ARKB, a move that aligns with ARK Invest’s approach to concentrate on Bitcoin and the broader theme of financial innovation. The transition away from investments like BITO and Grayscale Bitcoin Trust (OTC:GBTC) to ARKB is a strategic decision that reflects the firm’s commitment to adapt to the changing landscape of cryptocurrency.
ARKW’s portfolio continues to feature Coinbase (NASDAQ:) as a significant holding, representing an NAV percentage of 8.6%. This sustained investment in Coinbase underscores ARK’s belief in the potential of cryptocurrency exchanges and the pivotal role they play in the digital asset ecosystem.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters
NEW YORK – ARK Invest, the investment firm headed by Cathie Wood, has made significant changes to its cryptocurrency investment strategy. The firm’s ARK Next Generation Internet ETF (NYSEARCA:ARKW) has sold a substantial number of shares in the ProShares Strategy ETF (NYSEARCA:BITO) and has redirected the funds into its own ARK 21Shares Bitcoin ETF (NYSEARCA:ARKB).
On Thursday, ARKW sold 758,915 shares of BITO for approximately $15 million. These funds were immediately utilized to purchase shares in ARKB, a move that aligns with ARK Invest’s approach to concentrate on Bitcoin and the broader theme of financial innovation. The transition away from investments like BITO and Grayscale Bitcoin Trust (OTC:GBTC) to ARKB is a strategic decision that reflects the firm’s commitment to adapt to the changing landscape of cryptocurrency.
ARKW’s portfolio continues to feature Coinbase (NASDAQ:) as a significant holding, representing an NAV percentage of 8.6%. This sustained investment in Coinbase underscores ARK’s belief in the potential of cryptocurrency exchanges and the pivotal role they play in the digital asset ecosystem.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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