Cathie Wood's ARK Invest completed divesting its holdings in the ProShares Bitcoin Strategy ETF (BITO), selling the last of its shares on Thursday.
ARK Sold the Last of Its ProShares Bitcoin Futures ETF Shares
The investment firm removed 237,983 BITO shares, valued at $6.7 million, from its Next Generation Internet ETF (ARKW), based on Thursday's closing price of $28.22 per share.
ARK Invest had initially purchased more than 4 million shares of BITO late last year as a short-term investment in anticipation of the approval of spot Bitcoin ETFs in the United States.
The plan was to trade these shares once spot Bitcoin ETFs received approval.
ARK Invest, which initiated consistent sales in January, completed the disposal of the remaining BITO shares.
As ARK exits its position in BITO, its focus shifts to its own ARK 21Shares Bitcoin ETF (ARKB), which is currently the fund's largest holding.
ARKB owns 2,480,644 shares worth $160.6 million based on Thursday's closing price of $64.76 per share. This allocation weighs 10.4% of the fund's total value.
This move underscores ARK Invest's strategic adjustments in response to evolving market dynamics and regulatory developments in the cryptocurrency space.
*This is not investment advice.
