Summary
ARK Invest has sold over 2.2 million shares of the ProShares Bitcoin Trust ETF, worth about $42.8 million, and bought around 1.6 million shares in the ARK 21 Shares Bitcoin ETF, worth approximately $62.3 million. ARK had previously sold its shares of the Grayscale Bitcoin Trust and planned to swap them for a spot bitcoin ETF once approved. The ARKW fund now holds $91.4 million of ARKB shares, constituting a 5.98% weighting, while its BITO shares are now valued at $7 million with a 0.46% weighting.
Key Points
1. ARK Invest has sold a significant number of shares in the ProShares Bitcoin Trust ETF, totaling 2,226,191 shares since January 19th. This amounts to approximately $42.8 million at the closing price of $19.22 on Thursday.
2. In contrast, ARK Invest has purchased 1,563,619 shares in the ARK 21 Shares Bitcoin ETF, amounting to around $62.3 million. This indicates a shift in ARK’s investment strategy, favoring the ARK 21 Shares Bitcoin ETF over the ProShares Bitcoin Trust ETF.
3. ARK Invest had previously sold its shares in the Grayscale Bitcoin Trust (GBTC) in anticipation of the approval of spot bitcoin ETFs in the U.S. Their plan was to swap their holdings in the ProShares Bitcoin Trust ETF for a spot bitcoin ETF once the approval was granted. Currently, ARK’s Next Generation Internet ETF (ARKW) holds $91.4 million of ARK 21 Shares Bitcoin ETF, while their holdings in the ProShares Bitcoin Trust ETF have significantly reduced to $7 million.