ARK Invest, under Cathie Wood’s leadership, has finalized the divestment of its holdings in the ProShares Bitcoin Strategy ETF (BITO), completing the sale of its last shares on Thursday.
The investment firm has liquidated 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.
Initially acquiring over 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, ARK Invest had planned to trade these shares once such ETFs were approved.
Beginning consistent sales in January, ARK Invest has now concluded the disposal of its remaining BITO shares.
With the exit from BITO, ARK Invest’s attention turns to its own ARK 21Shares Bitcoin ETF (ARKB), currently the fund’s largest holding.
ARKB holds 2,480,644 shares valued at $160.6 million, based on Thursday’s closing price of $64.76 per share. This allocation represents 10.4% of the fund’s total value.
This strategic move highlights ARK Invest’s adaptability to changing market dynamics and regulatory shifts within the cryptocurrency landscape.
