Ark Invest buys $16 million of its own Bitcoin ETF


January 17, 2024 05:01 UTC+1
| 2 min read

Ark Invest reportedly purchased nearly $16 million worth of shares in its own ARKB Spot Bitcoin ETF.

Ark Invest buys nearly $16 million worth of shares in its Bitcoin ETF

First of all, it is good to point out that ARK Invest’s Bitcoin ETF, named ARKB (ARK 21Shares Bitcoin ETF) was among the ten ETFs approved by the SEC last week.

It is in this context that the company led by Cathie Wood would have bought 365,427 shares of its ARKB Bitcoin ETF, on January 16, 2024. These shares would be equivalent to an amount of approximately 16 million dollars.

At the same time, Ark Invest would have sold the same day 757,664 shares of the BITO Bitcoin Futures ETF. The amount sold is also up to $16 million (15.8).

As a reminder, ARK Invest had already made this type of transfer last December. In fact, they had already resold their shares of the Grayscale Bitcoin Trust GBTC to change them into BITO shares.

Ark Invest promotes its ARKB

This reorganization is also a great publicity stunt for the launch of their new product.

Now that it is available on the market, Cathie Wood and Ark Invest are ready to fight for market share against other giants like BlackRock. Indeed, Ark Invest had also lowered its ETF fees just 20 minutes after BlackRock. Cathie Wood has always been a good advocate for Bitcoin. It’s easy to see why she wouldn’t hesitate to invest in her own Bitcoin Spot ETF.

She adds that the “fees are super important” and that they are not “looking to maximize profit”.

“The ETF fee will be 0.21%, 21shares is our partner and 21 million Bitcoin is the maximum number that can be released.”she told CNBC.

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