In a daring move, ARK Invest, led by the renowned Cathie Wood, has invested a whopping $15.9 million in its newly-listed ARK 21Shares Bitcoin ETF (ARKB). This strategic move signals a strong vote of confidence in the potential of the ETF market for cryptocurrencies. Interestingly, ARKB’s shares, which initially launched at $49 on January 11, closed at $43.51 on Tuesday, making this investment an intriguing development.
On the flip side, ARK sold $15.8 million worth of shares in the ProShares Bitcoin Strategy ETF (BITO), the first ETF linked to bitcoin futures in the U.S. This move followed ARK’s decision to divest its holdings in the Grayscale Bitcoin Trust (GBTC) in anticipation of GBTC’s transformation into a bitcoin ETF. Cathie Wood’s strategy is clear: opting for already approved funds like BITO for added security over awaiting approvals. ARK Invest’s dynamic crypto portfolio management keeps them at the forefront of the evolving digital asset landscape.