Cathie Wood’s Ark Invest is buying up shares of the ProShares bitcoin strategy ETF (BITO).

ARK’s Next Generation Internet ETF, which previously held a large amount of Grayscale bitcoin trust, also exited out of its position according to its holdings. 

Bloomberg Intelligence analyst Eric Balchunas said that the move is likely because it’s using the money from GBTC as a “[liquid] transition tool to keep beta to [bitcoin] while it legs into ARKW or ARKB.”

Balchunas noted that this move wasn’t a surprise, and in his opinion was “smart.”

“Better to give your own ETF a nice [assets under management] boost,” he said.

The move was addressed by Cathie Wood, CEO of Ark…

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