Bitcoin ETF

Grayscale Bitcoin Trust

Spot

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cathie-woods-ark-invest-sells-proshares-bitcoin-etf-to-increase-stake-in-arkb" rel="noopener noreferrer nofollow">Cathie Wood’s ARK Invest Sells ProShares Bitcoin ETF to Increase Stake in ARKB</a> 
ARK Invest, led by Cathie Wood, sold its holdings in the ProShares <a href="https://en.bitcoinhaber.net/goldman-sachs-gears-up-for-a-key-role-in-bitcoin-etfs-amidst-crypto-market-buzz" rel="noopener noreferrer nofollow">Bitcoin</a> Strategy ETF (BITO) and reinvested in the ARK 21Shares Spot Bitcoin ETF (ARKB), indicating a strategic shift in response to market conditions. The sale involved 757,664 BITO shares worth approximately $15.8 million, which were then used to purchase an equivalent value of 365,427 ARKB shares.
Wood’s move aligns with her strategy to increase holdings in the ARK 21Shares Spot Bitcoin ETF, reducing exposure to the ProShares Bitcoin Strategy ETF via the ARK Next Generation Internet ETF. ARKB had previously been projected to reach a $4 billion target, while BITO’s price dropped by 0.71% to $20.91, and ARKB decreased by 0.80% to $43.51.
Prior to the approval of the Spot Bitcoin ETF, ARK Next Generation Internet ETF (ARKW) had purchased 20,000 shares from the ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA). During the same period, ARKW completely divested its holdings in the Grayscale Bitcoin Trust (GBTC) and bought 4.32 million shares of BITO.
Bloomberg Intelligence analyst Eric Balchunas commented that the move is likely temporary, with ARK Invest and other major institutions shifting towards highly liquid ETFs. ARKW still holds sufficient BITO shares to meet its Spot Bitcoin ETF target.
Since the debut of Spot Bitcoin ETFs on Wall Street, market conditions have worsened, with Bitcoin’s price falling to $41,500. Despite this, Wood’s ARK Invest funds have been actively reallocating assets, including selling off significant Coinbase (COIN) holdings to potentially invest in other stocks like Tesla (TSLA). Wood reiterated her bullish prediction for Bitcoin, forecasting a price of $1.5 million by 2030, while analysts continue to speculate a post-Bitcoin halving price surge to $100,000 in April.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/cathie-woods-ark-invest-sells-proshares-bitcoin-etf-to-increase-stake-in-arkb" rel="noopener noreferrer nofollow">Cathie Wood’s ARK Invest Sells ProShares Bitcoin ETF to Increase Stake in ARKB</a></h5>

Cathie Wood’s ARK Invest Sells ProShares Bitcoin ETF to Increase Stake in ARKB

BH NEWS

Other articles published on Jan 17, 2024

Cardano falls 11% in 30 days: Is it still worth holding?

Here’s Why Ethereum Price May Outperform Bitcoin Recovery in Near-Term

Jamie Dimon Sees Value in Blockchain, Calls Bitcoin a ‘Pet Rock’

XRP Sale Controversy: Ripple Faces Heated Legal Debate Amid Market Turbulence

Ethereum price dominance flips Bitcoin amid market correction

FTX Founder’s Parents Deny Involvement in Company’s Downfall

Join our free newsletter for daily crypto updates!