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ARK Invest continues to transition from the ProShares Bitcoin Strategy ETF (BITO) to its own recently listed spot Bitcoin ETF. The company reported that through its ARK Next Generation Internet ETF (ARKW), it sold approximately $15 million worth of 758,915 BITO shares on January 18th.
Sold $15 Million in BITO Shares and Acquired ARKB Shares
In a transaction announcement on January 18th, the ARK Next Generation Internet ETF (ARKW) reported selling approximately $15 million worth of 758,915 BITO shares and purchasing 365,695 shares of its own spot Bitcoin ETF, the Ark 21Shares Bitcoin ETF (ARKB), valued at $15 million.
ARK Invest had made a similar move on January 16th, selling a similar amount of BITO shares and in exchange buying ARKB shares.
Ark Invest’s Goal for ARKB is $4 Billion
Most recently, on January 16th, Ark Invest made a substantial sale of shares to purchase approximately $15.8 million worth of 365,427 ARKB shares. After the sale, the company had sold approximately $15.8 million worth of 757,664 BITO shares and acquired ARKB shares.
Cathie Wood‘s company has been reducing its BITO holdings through ARKW as part of its strategy to increase its shares in its own spot Bitcoin ETF since receiving approval from the US Securities and Exchange Commission (SEC). The company had previously moved to sell its assets in the Grayscale Bitcoin Trust (GBTC) to acquire BITO shares before SEC approval of spot Bitcoin ETFs.
Since the SEC’s ETF approval, Ark Invest has been selling its BITO shares and swapping them for its own spot Bitcoin ETF. Wood recently stated that they have set a goal of $4 billion for their own spot Bitcoin ETF and that purchases will continue to reach this target.
According to Yahoo Finance data, ARKB is trading at $41.33, up 0.93% before today’s trading session. It’s worth noting that ARKB closed the January 18th trading session at $40.95.
