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<a href="https://bitcoinworld.co.in/ark-invest-sells-bitcoin-futures-etf-buys-65m-worth-of-its-own-spot-btc-etf/" title="ARK Invest Sells Bitcoin Futures ETF, Buys $65M Worth Of Its Own Spot BTC ETF" rel="noopener noreferrer nofollow"></a>
ARK Invest, the investment firm led by Cathie Wood, has made significant adjustments to its cryptocurrency portfolio in recent weeks, selling shares of the Bitcoin Futures ETF, ProShares Bitcoin Trust ETF (BITO).&nbsp;
Since January 19, ARK Invest has sold a total of 2,226,191 shares of BITO, worth approximately $45.2 million as of Friday’s market close, from its Next Generation Internet ETF (ARKW).
Concurrently, it has accumulated its own spot Bitcoin exchange-traded fund (ETF), the ARK 21 Shares Bitcoin ETF (ARKB), which was launched on January 11.&nbsp;
So far, it has purchased 1,563,619 shares of ARKB, valued at roughly $65.7 million. ARKW now <a href="https://ark-funds.com/funds/arkw/" rel="noopener noreferrer nofollow">holds</a> $91.5 million worth of ARKB, representing a 5.98% weighting of the fund’s total value.&nbsp;
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In contrast, its BITO shares have dwindled to just 366,128, valued at $7 million, constituting a mere 0.46% weighting.
ARK Invest’s divestment from BITO is consistent with its earlier strategy of holding BITO as a short-term play in anticipation of the approval of spot Bitcoin ETFs in the United States.&nbsp;
The firm had previously sold its shares of the Grayscale Bitcoin Trust (GBTC) late last year, expecting to replace BITO with a spot Bitcoin ETF once it became available.
ARK Invest recently sold $5.2 million worth of Coinbase shares (COIN) after the US-based crypto exchange surged in anticipation of the approval of spot Bitcoin ETFs.&nbsp;
Coinbase is named as the custodian of numerous spot ETF issuers. However, Cathie Wood remains bullish on the Bitcoin and crypto sector, famously calling a Bitcoin price target of $1.5 million by 2030.
The post <a href="https://bitcoinworld.co.in/ark-invest-sells-bitcoin-futures-etf-buys-65m-worth-of-its-own-spot-btc-etf/" rel="noopener noreferrer nofollow">ARK Invest Sells Bitcoin Futures ETF, Buys $65M Worth Of Its Own Spot BTC ETF</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

ARK Invest Sells Bitcoin Futures ETF, Buys $65M Worth Of Its Own Spot BTC ETF

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