ARK Bought $62.3M Worth of Own ETF in Last Week; Sold $42.7M of BITO

ARK Invest continued to offload shares of ProShares Bitcoin Trust ETF (BITO) in the last week while accumulating its own spot bitcoin exchange-traded fund.


ARK Invest offloads shares of BITO while accumulating ARKB

ARK Invest, the investment firm led by Cathie Wood, sold a total of 2,226,191 shares of the bitcoin futures ETF, ProShares Bitcoin Trust (BITO), in the last week. The sale was worth approximately $42.8 million at Thursday's closing price of $19.22. These shares were sold from ARK Invest's Next Generation Internet ETF (ARKW).

In contrast, ARK Invest has been acquiring shares of its own spot bitcoin exchange-traded fund, ARK 21 Shares Bitcoin ETF (ARKB). It purchased 1,563,619 shares of ARKB, amounting to around $62.3 million. ARKB closed on Thursday at $39.87, with a minimal increase of 0.68% for the day.

ARKW now holds $91.4 million of ARKB

As a result of the recent transactions, ARKW now holds a significant amount of ARKB. The value of ARKW's holdings in ARKB amounts to $91.4 million, representing a weighting of 5.98% of the total value of the fund.

On the other hand, ARK Invest's holdings in BITO have significantly decreased. The firm now holds only 366,128 BITO shares, valued at $7 million, which constitutes a weighting of 0.46%.

ARK's strategy with BITO and ARKB

ARK Invest held BITO as a short-term play, anticipating the approval of spot bitcoin ETFs in the U.S. In late 2023, the firm offloaded its shares of the Grayscale Bitcoin Trust (GBTC) and planned to swap BITO for a spot bitcoin ETF once the approval came. These recent transactions reflect ARK Invest's strategy of shifting its holdings.

The buying and selling of BITO and ARKB by ARK Invest align with its investment approach focused on technological innovation and disruptive trends. As the market for bitcoin ETFs continues to evolve, ARK Invest makes strategic adjustments to its portfolio.