Bitcoin ETF

Bitcoin

Cathie Wood’s investment management firm Ark Invest is on a buying spree for crypto-related shares including its Ark 21Shares spot Bitcoin ETF (ARKB). ARK Next Generation Internet ETF (ARKW) purchased 1.27 million <a href="https://coingape.com/cathie-woods-ark-invest-adds-arkb-bitcoin-etf-worth-51-mln-this-week-buys-tesla-shares/" target="_blank" rel="noopener">ARKB</a> units worth $51 million last week. 
<h2 id="cathie-wood-s-ark-invest-bought-arkb-units">Cathie Wood’s Ark Invest Bought ARKB Units</h2> 
Cathie Wood’s ARK Next Generation Internet ETF (ARKW) continued its purchase of Ark 21Shares spot Bitcoin ETF (ARKB) this week. However, ARKW didn’t purge ProShares Bitcoin Strategy ETF (BITO) to buy ARKB this week amid a number of earning announcements this week. 
ARKW purchased 58,468 units of ARKB worth $2.5 million on January 29. ARK Innovation ETF (ARKK) and ARKW funds also purchased Tesla shares worth millions. ARKK has over $600 million worth of Tesla (TSLA) shares. 
ARK Next Generation Internet ETF holds 2,480,644 ARKB shares worth $106,816,530, as per holdings data by ARK Invest. The funds also reduced its ProShares Bitcoin Strategy ETF (BITO) to 285,167 shares valued at $5.81 million. It will likely hold on to the remaining BITO holdings. 
As per Ark Invest&nbsp;<a rel="nofollow" href="https://ark-funds.com/funds/arkb/" target="_blank">data</a>, ARKB has 15,890 bitcoin with a market value of $684.18 million until February 2. 
<h2 id="ark-buying-robinhood-and-tesla">ARK Buying Robinhood and Tesla</h2> 
Ark Invest funds ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) continue to accumulate Robinhood Markets (HOOD) and Tesla (TSLA) shares worth millions this week. 
On Feb 2, ARKK purchased 39,572 HOOD shares and 87,721 TSLA shares. ARKW bought 8,354 HOOD shares and 27,090 TSLA shares. 
<a href="https://coingape.com/crypto-stocks/TSLA/" target="_blank" rel="noopener">TSLA price</a> closed 0.70% lower at $187.91 on Saturday. Whereas, <a href="https://coingape.com/crypto-stocks/HOOD/" target="_blank" rel="noopener">HOOD price</a> closed 0.09% higher at $10.92. 
Ark&nbsp;Invest has increased its Bitcoin allocation in 2023 to 19.4% from 6.2% in 2022, emphasizing effectiveness in diversifying and balancing traditional assets. Bitcoin has played a crucial role in maximizing risk-adjusted returns. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GFRmceDbkAA1Ded?format=jpg&amp;name=medium" alt="Image" width="744" height="416"> 
Coinbase and Robinhood are about to release quarterly results for the period ending December 31, 2023. Robinhood Markets to release earnings on Feb 13, with expected revenue of $452.8 million. In addition, Coinbase’s earnings is due on February 15, with expected revenue of $811.50 million. 
Concurrently, Cathie Wood has thrown a bombshell on Bitcoin claiming that it could go up to $2.3 million per coin. The forecast is based on the what-if situation in which global investible assets valued at $250 trillion are matched to a 19.4% Bitcoin allocation as per the recommendations given in Ark Invest’s Big Ideas report for 2024. Although this forecast is very optimistic it reflects Wood’s confidence in value proposition of Bitcoin and its use in future investment portfolios. 
Also Read: 
<ul> 
 <li><a title="Fed Officials Push Back on Rate Cuts Before June, Macro Pressure Builds on Bitcoin" href="https://coingape.com/fed-officials-push-back-on-rate-cuts-before-june-macro-pressure-builds-on-bitcoin/" target="_blank" rel="bookmark noopener">Fed Officials Push Back on Rate Cuts Before June, Macro Pressure Builds on Bitcoin</a></li> 
 <li><a href="https://coingape.com/ripple-unveils-key-regulatory-vision-decentralized-finance/" target="_blank" rel="noopener">Ripple Unveils Key Regulatory Vision For Decentralized Finance</a></li> 
 <li><a href="https://coingape.com/missed-jupiter-jup-airdrop-here-are-major-upcoming-airdrops-in-2024/" target="_blank" rel="noopener">Missed Jupiter (JUP) Airdrop? Here Are Major Upcoming Airdrops In 2024</a></li> 
</ul> 
The post <a href="https://coingape.com/cathie-wood-ark-invest-double-down-bitcoin-arkb-tesla-robinhood/">Cathie Wood’s Ark Invest Continues Crypto Buying Spree with ARKB Units Purchase</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cathie Wood’s Ark Invest Continues Crypto Buying Spree with ARKB Units Purchase

Table of Contents

Coingape News Media

Other articles published on Feb 3, 2024

Bittsensor pumps by 75%, GFOX presale exceeds $3m

Genesis Agrees To Settle SEC Lawsuit For $21 Million

Binance Increases Compliance Budget Amid Legal Troubles

This Meme Coin Targets $1 Billion Milestone: Can It Outperform DOGE & SHIB?

Shiba Inu Could Rally Over 100000%, Hit $0.01: Predicts Analyst

GBTC drops BTC stake by 21%, Celsius exits bankruptcy, and more: Hodler’s Digest, Jan. 28 – Feb. 3

Join our free newsletter for daily crypto updates!