Bitcoin ETF

Generation

Famed money manager <a href="https://cryptonews.com/?s=cathie+wood" rel="noopener noreferrer nofollow">Cathie Wood’s</a> investment firm bought an extra $21m of its <a href="https://cryptonews.com/?s=bitcoin" rel="noopener noreferrer nofollow">bitcoin-based spot</a> ETF on Monday, bringing its total purchases in the fund to around $64m.
Ark Invest bought 523,541 shares of the Ark 21Shares Bitcoin ETF (ARKB) on Monday via its Ark Next Generation ETF (ARKW), an Ark Invest Daily <a href="https://twitter.com/ArkkDaily/status/1749599005879705652" rel="noopener noreferrer nofollow">trade notification</a> showed on Monday.
The value of the purchase amounted to about $21.05m based on the stock’s Monday closing price of $40.21.
Meanwhile, Ark Invest offloaded 648,091 shares of the ProShares Bitcoin Strategy ETF, valued at $12.85m, based on the closing price of $19.39.
This transaction marks the firm’s fourth purchase of shares in its bitcoin-based spot ETF since its Jan. 10 launch, coinciding with its ongoing divestment from the largest bitcoin futures fund.
Last week, ARKW bought 316,526 shares of the spot ETF valued at $13.2m on <a href="https://twitter.com/ArkkDaily/status/1748511584052257116" rel="noopener noreferrer nofollow">Jan. 19</a>, 365,695 shares worth $14.7m on <a href="https://twitter.com/ArkkDaily/status/1748195341684392256/photo/1" rel="noopener noreferrer nofollow">Jan. 18</a>, and 365,427 shares totaling $15.8m on <a href="https://twitter.com/ArkkDaily/status/1747424180373491774/photo/1" rel="noopener noreferrer nofollow">Jan. 16</a>, accumulating to roughly $43.7m in total purchases.
With Monday’s purchase, Ark Invest now holds shares in ARKB worth $64.75m.
Ark’s recent capitalization on new opportunities follows the SEC’s recent <a href="https://cryptonews.com/news/bitcoin-etf-approval-frenzy-begins-as-sec-finally-approves-first-spot-bitcoin-funds-bitcoin-remains-unresponsive.htm" rel="noopener noreferrer nofollow">approval of 11 US bitcoin-based spot ETFs</a>, including the Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF.
<h2 id="ark-s-spot-bitcoin-fund-offers-exposure-without-complexity">Ark’s spot bitcoin fund offers ‘exposure without complexity’</h2>
 Cathie Wood, a prominent bitcoin advocate, recently increased her bitcoin price forecast in a <a href="https://twitter.com/CNBC/status/1745479111881920808" rel="noopener noreferrer nofollow">CNBC interview</a>. She now predicts that bitcoin could hit $1.5m by 2030, a 50% hike from her earlier estimate of $1m.
“We think the probability of the bull case has increased with this SEC approval,” she said.
NEW: Cathie Wood lays out the case for why to invest in ARK’s spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETF
<a href="https://t.co/iAi5yOzciR" rel="noopener noreferrer nofollow">pic.twitter.com/iAi5yOzciR</a>
— Bitcoin News (@BitcoinNewsCom) <a href="https://twitter.com/BitcoinNewsCom/status/1747752113449341110?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 17, 2024</a>
Wood separately that Ark’s bitcoin-based spot ETF serves as a regulated option for keeping tabs on bitcoin’s performance.
ARKB provides “exposure without complexity, regulated access to one of the leading digital assets without mastering the details of how to safely trade or store them,” she said.
Bitcoin last traded around $38,990 as of press time, and is down nearly 20% since the launch of the spot-based ETFs earlier this month.

Cathie Wood’s Ark Buys $64M of its Spot Bitcoin ETF Since Launch

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