ARK Purchases $62.3M of Own ETF, Offloads $42.7M BITO Last Week

• ARK Invest Adjusts Bitcoin ETF Investments
• Accumulation of ARK Bitcoin ETF Shares
• ARK's Strategy with Bitcoin ETFs
• Current Holdings of ARK

ARK Invest Adjusts Bitcoin ETF Investments

In recent developments, ARK Invest has been consistently reducing its stake in ProShares Bitcoin$42,260 -0.64% Trust ETF (BITO) while concurrently increasing its holdings in its spot Bitcoin exchange-traded fund. ARK, the investment firm directed by Cathie Wood, has offloaded an aggregate of 2,226,191 BITO shares since January 19. These shares were valued at approximately $42.8 million based on Thursday's closing price of $19.22. These shares were part of ARK's Next Generation Internet ETF (ARKW).

Accumulation of ARK Bitcoin ETF Shares

Simultaneously, ARK has acquired 1,563,619 shares of its own ARK 21 Shares Bitcoin ETF (ARKB), equivalent to roughly $62.3 million. The ARKB closed on Thursday at $39.87, only slightly up by 0.68% on that day.

ARK's Strategy with Bitcoin ETFs

ARK held BITO shares as a short-term strategy, having previously sold its shares of the Grayscale Bitcoin Trust (GBTC) towards the end of the last year. The firm had been awaiting the approval of spot Bitcoin ETFs in the U.S., with an intention to replace BITO with a spot Bitcoin ETF as soon as the US regulators give a green light.

Current Holdings of ARK

As of now, ARKW's holdings include $91.4 million of ARKB, which makes up 5.98% of the fund's total value. The number of BITO shares the fund currently owns is 366,128, valued at about $7 million, a comparatively small 0.46% of the fund's total value.

Edited by Jonathan Stoker