Cathie Wood’s asset management firm Ark Invest continues to offload parked holdings in ProShares Bitcoin Strategy ETF (BITO) to invest in its newly launched Ark 21Shares spot Bitcoin ETF (ARKB). ETF experts believe it could be a matter of time before Ark Invest brings its active fund management strategy to entire crypto exchange-traded funds (ETFs).

Cathie Wood’s Ark Invest Buys ARKB Spot Bitcoin ETF Units

On January 19, Cathie Wood’s Ark Invest sold 510,337 shares of ProShares Bitcoin Strategy ETF (BITO) valued at approximately $10 million and 45,052 AMD shares worth 7.8 million to purchase 316,526 Ark 21Shares Bitcoin ETF (ARKB) units worth more than $13 million.

Cathie Wood reduced units of ProShares Bitcoin Strategy ETF again from ARK Next Generation Internet ETF (ARKW) as part of the strategy to increase holdings in Ark 21Shares spot Bitcoin ETF.

On January 18, ARK Next Generation Internet ETF (ARKW) sold 758,915 BITO units worth $15 million to buy 365,695 units of Ark 21Shares spot Bitcoin ETF (ARKB) worth $15 million. Also, on Jan 16, ARKW sold 757,664 BITO units worth $15.8 million to buy 365,427 Ark 21Shares Bitcoin ETF (ARKB) shares worth $15.8 million.

Thus, ARKW has purchased 1.04 billion ARKB units worth $43 million in a week.

ProShares Bitcoin Strategy ETF (BITO) price closed 1.88% higher at $20.09 on Friday. BITO price dropped 9.26% in this week amid spot Bitcoin ETF outflow and selling by ARKW.

Ark 21Shares Bitcoin ETF (ARKB) price closed 1.90% higher at $41.73. It also saw a 3.56% fall this week. As per Ark Invest data until Jan 19, ARKB has Bitcoin worth $309.66 million.

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Cathie Wood Is Bullish on Bitcoin

Cathie Wood reiterated her bullish case on Bitcoin, claiming that the Bitcoin network is much larger than the combined size of the cloud infrastructure built by Amazon, Google, and Microsoft over the last 15-20 years. Elon Musk reacted to her post saying “Wow.”

BTC price jumped 1% in the past 24 hours, with the price currently trading at $41,659. The 24-hour low and high are $40,297 and $42,134, respectively. Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in the interest of traders.

Also Read: XRP Lawsuit — Ripple Fires Back At SEC For Seeking Financial Statements And Discovery

The post Just-In: Ark Invest Purges ProShares BITO & AMD To Buy Over 1 Bln ARKB Spot Bitcoin ETF appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am