In the world of cryptocurrency today, there is a significant development concerning investors. This time, the news comes from Cathie Wood’s ARK Invest. According to the company’s move, 237,983 BITO shares have been sold, amounting to $6.7 million. The sale price was at $28.22.
ARK Invest Clears Out Its Last Holdings
ARK Invest, while waiting for the approval of spot Bitcoin ETFs in the USA, planned a short-term strategy. Accordingly, they purchased over 4 million BITO shares at the end of last year, planning to swap them upon approval.
After steady sales in January, ARK sold the last of its BITO shares last week. Cathie Wood’s ARK Invest has now divested the final shares in the ProShares Bitcoin Strategy ETF (BITO).
A Significant Part of the Fund Remains in ARKB
This move by Cathie Wood-led ARK Invest is drawing attention. On Thursday, their sale of the final shares in the ProShares Bitcoin Strategy ETF (BITO) raises questions about what changes this will bring to the market. Whether these sales indicate a shift in strategic goals or just an effort to rebalance their portfolio will be seen over time.
Moreover, it should be noted that ARK’s interest in its own ARK 21Shares Bitcoin ETF (ARKB) continues. 10% of the fund is in ARKB. ARKB was trading at $64.76 at Thursday’s closing, with ARK Invest holding 2,480,644 shares valued at $160.6 million.
