ARK Invest Shows More Confidence in Bitcoin ETF: Buys More ARKB and Sells BITO
ARK Invest buys $15.9M in its Bitcoin ETF, ARKB, and sells $15.8M in BITO shares, shifting its crypto investments.
ARK Invest, led by Cathie Wood, bought $15.9 million worth of its new Bitcoin ETF, ARKB, on Tuesday. They added these shares to their ARKW ETF. ARKB's price was $43.51 on Tuesday, down 11% from its $49 starting price on January 11.
The company also sold $15.8 million in shares of another Bitcoin ETF, BITO. BITO was the first U.S. ETF linked to the Bitcoin futures market.
Before this, in December, ARK sold its shares in the Grayscale Bitcoin Trust (GBTC) before it turned into a Bitcoin ETF. They moved their investment to BITO, waiting for the approval of spot bitcoin ETFs in the U.S. Cathie Wood believed an approved fund was safer. After the approval, it was expected that ARK would exchange some BITO shares for the new spot bitcoin ETF.
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