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NEW YORK – ARK Invest, the investment firm led by Cathie Wood, has made significant changes to its cryptocurrency investment strategy. The company’s ARK Next Generation Internet ETF (NYSEARCA:ARKW) sold a significant number of shares of the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) and redirected the funds to its own ARK 21Shares Bitcoin ETF (NYSEARCA:ARKB) .
On Thursday, ARKW sold 758,915 shares of BITO for approximately $15 million. These funds were immediately used to purchase shares of ARKB, a move that aligns with ARK Invest’s approach to focus on bitcoin and the broader theme of financial innovation. Transitioning investments such as BITO and Grayscale Bitcoin Trust (OTC:GBTC) to ARKB is a strategic move that reflects the company’s commitment to adapting to the changing cryptocurrency landscape.
ARKW’s portfolio continues to include Coinbase (NASDAQ:) as a significant holding, representing a net asset value percentage of 8.6%. This sustained investment in Coinbase underscores ARK’s belief in the potential of cryptocurrency exchanges and the central role they play in the digital asset ecosystem.
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