Bitcoin

Million

Coin

<ul class="news-points"> 
 <li>ARK Investment Management has sold its entire position in GBTC (Grayscale Bitcoin Trust).</li> 
 <li>The move follows GBTC being the most significant holding in ARKW just a month ago.</li> 
 <li>ARK swiftly reinvested around $100 million in $BITO, the ProShares Bitcoin Strategy ETF.</li> 
</ul> 
Senior ETF analyst <a href="https://twitter.com/EricBalchunas/status/1740194923608178920" target="_blank" rel="nofollow">Eric Balchunas, on social media platform X</a>, announced that ARK Investment Management sold its remaining GBTC (Grayscale Bitcoin Trust) position. 
This strategic move comes just a month after GBTC claimed the title as ARKW’s most significant holding. Notably, ARK has swiftly reinvested approximately $100 million into $BITO, the ProShares Bitcoin Strategy ETF, marking a significant shift in their investment strategy. 
The decision to transition from GBTC to BITO appears to be a calculated move by ARK, serving as a liquidity transition tool. Balchunas hinted at the move as a step to maintain beta for Bitcoin while the investment gradually shifts into other ETFs under the ARK umbrella, namely ARKW or ARKB. 
ARK Investment Management has now secured its position as the second-largest holder of BITO. Balchunas emphasized that this is perceived as a temporary parking spot. He also stress…
The post <a href="https://coinedition.com/ark-invest-sells-gbtc-invests-100-million-in-bito-etf/">Breaking: ARK Invest Sells GBTC, Invests $100 Million in BITO ETF</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Breaking: ARK Invest Sells GBTC, Invests $100 Million in BITO ETF

Coin Edition

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