ARK Invest, through its ARK Next Generation Internet ETF (ARKW), has sold approximately $15 million worth of ProShares Bitcoin Strategy ETF (BITO) shares, amounting to 758,915 units on January 18. Concurrently, ARKW purchased an equivalent value of shares in ARK Invest’s newly listed spot Bitcoin ETF, Ark 21Shares Bitcoin ETF (ARKB), acquiring 365,695 shares.
This move is part of a consistent strategy by ARK Invest, which had previously conducted a similar transaction on January 16, divesting from BITO and increasing its holdings in ARKB.
ARK Invest’s latest transaction involved selling around $15.8 million worth of BITO shares to purchase 365,427 ARKB shares, indicating a strong shift towards their own Bitcoin ETF offering.
Cathie Wood’s firm has been reducing its BITO holdings and increasing its stake in ARKB as part of a strategy following the SEC’s approval of its spot Bitcoin ETF. Prior to SEC approval for spot Bitcoin ETFs, ARK had moved assets from Grayscale Bitcoin Trust (GBTC) to BITO.
ARKB’s shares have seen a rise in value, trading at $41.33 before the latest session, up by 0.93%. ARK Invest aims for a $4 billion target in its spot Bitcoin ETF, with Wood confirming that purchases will continue to reach this goal.