Summary
Ark Invest has increased its holdings of its spot bitcoin ETF while selling shares of the ProShares Bitcoin Strategy (BITO) futures fund. The fund manager’s Ark Next Generation ETF bought 365,695 shares of the spot bitcoin ETF and sold 758,915 shares of BITO. This follows a previous sale of BITO shares and purchase of Ark 21Shares Bitcoin ETF (ARKB) shares. The total value of the ARKB shares added and BITO shares sold is around $30 million. Ark Invest is likely moving its capital from the Grayscale Bitcoin Trust (GBTC) into ARKB to bolster its asset base. The Ark 21Shares Bitcoin ETF ranks fourth among spot bitcoin ETFs with $320 million of inflows, while BITO has seen $272 million of outflows since the launch of spot bitcoin funds.
Key Points
1. Ark Invest has been purchasing shares of its spot bitcoin ETF while selling shares of the ProShares Bitcoin Strategy.
2. The Ark Next Generation ETF bought 365,695 shares of its spot bitcoin ETF and sold 758,915 shares of the ProShares Bitcoin Strategy.
3. Ark Invest has been shifting its capital from the Grayscale Bitcoin Trust to its own spot bitcoin ETF to bolster the fund’s asset base.