In a short-term play, ARK purchased more than 4 million BITO shares at the end of the previous year in anticipation of the introduction of spot bitcoin exchange-traded funds (ETFs) in the United States. The company intends to swap these shares once the approval is granted.
In a transaction that took place on Thursday, Cathie Wood’s ARK Invest sold off the remaining shares of its ProShares Bitcoin Strategy ETF (BITO).
At the closing price of $28.22 on Thursday, the investment firm used its Next Generation Internet ETF (ARKW) to sell 237,983 shares of BITO, which had a total value of $6.7 million.
Over four million of the shares were purchased by ARK as a short-term play towards the end of the previous year in anticipation of the legalization of spot bitcoin exchange-traded funds (ETFs) in the United States. At the time of the approval, ARK intended to swap the shares.
This week, ARK has completed the sale of the remaining BITO shares, following a string of successful sales during the month of January.
As of Thursday’s closing price of $64.76, the fund’s own ARK 21Shares Bitcoin ETF (ARKB) is now the largest position in the fund, with 2,480,644 shares. This represents a value of $160.6 million. For the overall value of the fund, this represents a weighted of 10.4%.
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