Bitcoin ETF

Million

Grayscale Bitcoin Trust

<div class="intro-text">
 On Tuesday, January 16, 2024, ARK Invest bolstered its position in the cryptocurrency market by buying over $15.9 million worth of shares of its newly approved Bitcoin ETF. The ETF issuer bought over 365,427 shares of the ARK 21Shares Bitcoin ETF (ARKB) and added to its Next Generation Internet ETF (ARKW).
</div>
This move comes only a few hours after it sold over $15.84 million worth of ProShares Bitcoin Strategy ETF (BITO) shares, about 757,664 units. ARK Invest’s actions showcase its dynamic approach in response to the evolving market conditions following the r<a href="https://defi-planet.com/2024/01/u-s-sec-greenlights-spot-bitcoin-etps-after-11-years-and-20-rejections/" rel="noopener noreferrer nofollow">ecent approval of 10 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).</a>
In a noteworthy move, ARK Invest had previously sold its holdings in the Grayscale Bitcoin Trust (GBTC) in December, anticipating the fund’s transition into a Bitcoin ETF. The company <a href="https://www.nasdaq.com/articles/cathie-woods-ark-invest-buys-over-$92m-worth-of-proshares-bitcoin-etf-sells-coinbase-block" rel="noopener noreferrer nofollow">converted </a>its GBTC shares to BITO in anticipation of the SEC’s approval of exchange-traded products.
At the time, Cathie Wood, ARK Invest’s CEO, <a style="color: #0000ff;" href="https://youtu.be/Eu04ZLrQnnA?si=72ZvIXPMGUZOiVZR" rel="noopener noreferrer nofollow">explained in an interview on Bloomberg TV </a>that the decision to trade was driven by the safety associated with an already approved ETF compared to a conversion awaiting approval. Wood emphasized the absence of regulatory uncertainties related to BITO, indicating the firm’s intention to maintain exposure through BITO for an extended period.
During the Bloomberg TV interview, Wood expressed optimism about Bitcoin and the forthcoming crypto market, underlining her confidence in ARK Invest’s preparations for evolving market conditions, including the complete exit from Grayscale Trust Bitcoin Shares (GBTC).
Wood further <a href="https://m.youtube.com/watch?v=L87WtuSlm9w" rel="noopener noreferrer nofollow">projected </a>Bitcoin’s value exceeding $1.5 million by 2030, highlighting the strategic nature of these moves. It’s noteworthy that the Bitcoin ETF issuer is also aiming for $4 billion in assets for its ARK21Shares Bitcoin ETF, as<a style="color: #0000ff;" href="https://m.youtube.com/watch?v=L87WtuSlm9w" rel="noopener noreferrer nofollow"> reported in a previous statement</a>.&nbsp;
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2024/01/ark-invest-buys-15-9-million-worth-of-shares-of-its-newly-approved-bitcoin-etf/">ARK Invest Buys $15.9 Million Worth of Shares of its Newly Approved Bitcoin ETF</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

ARK Invest Buys $15.9 Million Worth of Shares of its Newly Approved Bitcoin ETF

DeFi Planet

Other articles published on Jan 17, 2024

Trial Delayed: Do Kwon Extradition Takes Priority In $40 Billion Fraud Case

XDC Network Price Prediction 2023, 2024, 2025: Is XinFin Good Investment For Future?

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

Ethereum's Top DApp, Rocket Pool, Faces False Hack Alarm on X

Solana Mobile unveils Saga ‘Chapter 2’ Phone – Here’s all you need to know

Jamie Dimon Ends Bitcoin Commentary, Focuses on Other Tech

Join our free newsletter for daily crypto updates!