In a significant move on Monday, Cathie Wood-led Ark Invest made a headline-grabbing trade by selling a substantial amount of ProShares Bitcoin Strategy ETF BITO units and concurrently increasing its stake in the ARK 21Shares Bitcoin ETF ARKB. This strategic shift in Ark Invest’s cryptocurrency portfolio aligns with recent market trends.
The BITO Trade
On Monday, Ark Invest offloaded 648,091 units of BITO, worth $12.6 million, a move that aligns with Wood’s recent strategy of focusing more on their own Bitcoin ETF, ARKB. The BITO units were sold through ARK Next Generation Internet ETF ARKW, while ARKB units were purchased through the same fund.
This decision comes amidst a dynamic cryptocurrency market, as detailed in a recent Benzinga report.
The trade reflects Ark’s confidence in their own product, as they simultaneously purchased 523,541 ARKB units — valued at $21.04 million, indicating a strong belief in the potential of their Bitcoin ETF.
it should be noted that Bitcoin BTC/USD dropped below the psychologically important $40,000 mark on Monday for a brief period. At the time of publishing, the apex cryptocurrency traded 2.7% lower at $40,021.77. The decline in the apex cryptocurrency occurred in the backdrop of a substantial outflow from Grayscale’s GBTC ETF as investors cashed in on profits or shifted to more cost-effective alternatives
Other Key Trades:
- Ark Invest also increased its holdings in Meta Platforms Inc META, buying 20,720 shares, worth $7.9 million through ARKW. This decision likely stems from Meta’s recent announcement of major AI initiatives, as highlighted by Benzinga.
- Conversely, Ark reduced its stake in Microsoft Corp MSFT, selling 4,093 shares worth $1.62 million via ARKW. This move might be influenced by the evolving AI landscape, where Microsoft’s CEO shared critical insights at Davos, as reported by Benzinga.
See Also: Cathie Wood Predicts Deflation In 2024, More AI And Tech Optimism, And Rate Cuts
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