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Crypto News: Cathie Wood goes all in on bitcoin futures ETF with Ark invest Cathie Wood, the founder and CEO of Ark Invest, is known for her bold and innovative bets on disruptive technologies. She has been a vocal supporter of Bitcoin and cryptocurrencies and has invested heavily in companies that are related to the digital asset space, such as Coinbase, Square, and Tesla. Now, she is making another bold move: investing in a bitcoin future ETF. Cathie Wood’s ARK Invest purchased 4.3 million shares of the ProShares Bitcoin Strategy ETF, often known as ‘BITO,’ which tracks the price of futures contracts connected to the world’s largest cryptocurrency, according to a trade notice on Thursday. The first bitcoin futures ETF in the U.S., the ProShares Bitcoin Strategy ETF, launched on October 19, 2023, saw a massive demand from investors, with crypto trading over US$1 billion worth of shares on its debut day. The second bitcoin futures ETF, the Valkyrie Bitcoin Strategy, launched on October 20, 2023, and also attracted significant interest, trading over US$200 million worth of shares on its first day. Wood’s Ark Invest was among the early buyers of both ETFs, according to regulatory filings. Ark Invest bought 1.3 million shares of the ProShares ETF, worth about US$44 million, and 275,000 shares of the Valkyrie ETF, worth about US$9 million, on their respective launch days. These purchases represent a small fraction of Ark Invest’s total assets under management, which stood at US$54 billion as of October 20, 20235, but they signal Wood’s confidence and conviction in the long-term potential of Bitcoin. Wood has been advocating for a spot bitcoin ETF, which would offer direct exposure to the cryptocurrency, for a long time. She has also filed for her spot bitcoin ETF, in partnership with 21Shares, a crypto-focused firm,…

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Filed under: News - @ December 30, 2023 9:22 pm