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In a significant move on Monday, Cathie Wood-led Ark Invest made a headline-grabbing trade by selling a substantial amount of ProShares Bitcoin Strategy ETF (NYSE:BITO) units and concurrently increasing its stake in the ARK 21Shares Bitcoin ETF (NYSE:ARKB). This strategic shift in Ark Invest’s cryptocurrency portfolio aligns with recent market trends.
The BITO Trade
On Monday, Ark Invest offloaded 648,091 units of BITO, worth $12.6 million, a move that aligns with Wood’s recent strategy of focusing more on their own Bitcoin ETF, ARKB. The BITO units were sold through ARK Next Generation Internet ETF (NYSE:ARKW), while ARKB units were purchased through the same fund.
This decision comes amidst a dynamic cryptocurrency market, as detailed in a recent Benzinga report.
The trade reflects Ark’s confidence in their own product, as they simultaneously purchased 523,541 ARKB units — valued at $21.04 million, indicating a strong belief in the potential of their Bitcoin ETF.
it should be noted that Bitcoin (CRYPTO: BTC) dropped below the psychologically important $40,000 mark on Monday for a brief period. At the time of publishing, the apex cryptocurrency traded 2.7% lower at $40,021.77. The decline in the apex cryptocurrency occurred in the backdrop of a substantial outflow from Grayscale’s GBTC ETF as investors cashed in on profits or shifted to more cost-effective alternatives
Other Key Trades:
See Also: Cathie Wood Predicts Deflation In 2024, More AI And Tech Optimism, And Rate Cuts
Photo courtesy Benzinga YouTube and Unsplash
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